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What qualifies to be a trustee/beneficiary of a trust? I am…

Customer Question
What qualifies to be...

What qualifies to be a trustee/beneficiary of a trust?

Lawyer's Assistant: Estate laws vary by state. What state are you in?

I am in Virginia.

Lawyer's Assistant: What documents or supporting evidence do you have?

Trust/Power of Attorney/Beneficiary

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

Precious Metal transfer in my name.

Submitted: 4 months ago.Category: Legal
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Answered in 6 minutes by:
11/25/2017
Lawyer: Ray, Lawyer replied 4 months ago
Ray
Ray, Lawyer
Category: Legal
Satisfied Customers: 46,299
Experience: 30 years in civil, probate, real estate, elder law
Verified

Hi and welcome to JA. Ray here to help you today.Please bear with me a few moments while I review your question and respond.

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Lawyer: Ray, Lawyer replied 4 months ago

The trustor(person creating trust) herein Virginia names the trustee and the beneficiaries in the trust itself.Any adult resident of Virginia can be named as trustee.Here are the duties/powers of a trustee for reference

his is Article 8 of the Code of Virginia, titled “Duties And Powers Of Trustee..” It is part of Title 64.2, titled “Wills, Trusts, And Fiduciaries.” It is part of Subtitle III, titled “Trusts.” It is part of Chapter 7, titled “Uniform Trust Code.” It’s comprised of the following 18 sections.

§ 64.2-763

Duty to administer trust and invest

§ 64.2-764

Duty of loyalty

§ 64.2-765

Impartiality

§ 64.2-766

Prudent administration

§ 64.2-767

Costs of administration

§ 64.2-768

Trustee's skills

§ 64.2-769

Delegation by trustee

§ 64.2-770

Powers to direct

§ 64.2-771

Control and protection of trust property

§ 64.2-772

Recordkeeping and identification of trust property

§ 64.2-773

Enforcement and defense of claims

§ 64.2-774

Collecting trust property

§ 64.2-775

Duty to inform and report

§ 64.2-776

Discretionary powers; tax savings

§ 64.2-777

General powers of trustee

§ 64.2-778

Specific powers of trustee

§ 64.2-778.1

Trustee's special power to appoint to a second trust

§ 64.2-779

Distribution upon termination

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Category: Legal
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