On April 4, 2012, Governor McDonnell signed Senate Bill 115, which reorganizes Virginia's fiduciary laws into a newly created Title 64.2 (Wills, Trusts, and Fiduciaries). New Title 64.2 will go into effect on October 1, 2012.
The new title is the product of a multi-year project by the Virginia Code Commission, with the assistance of a small group of Virginia lawyers and commissioners of accounts. The primary objectives of the project were to assemble the fiduciary statutes scattered throughout the Code into one volume, update language, and use language consistently. Once it goes into effect, new Title 64.2 will replace the fiduciary sections currently located in Titles 64.1 (Wills and Decedents' Estates), 55 (Property and Conveyances), 26 (Fiduciaries Generally), 31 (Guardian and Ward), and 37.2 (Behavioral Health and Developmental Services).
New Title 64.2 is organized as follows:
- Subtitle I: Definitions and General Provisions.
- Subtitle II: Wills and Decedents' Estates.
- Subtitle III: Trusts
- Subtitle IV: Fiduciaries and Guardians
- Subtitle V: Provisions Applicable to Probate and Nonprobate Transfers
The full text of Senate Bill 115 may be found here.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
