Virginia 2024 Regular Session Status: Enacted

SB 63 — Termination of trust; notice requirements.

Last action — Acts of Assembly Chapter text (CHAP0336)

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  1. ✓
    Introduced
  2. ✓
    In Committee
  3. ✓
    Passed Senate
  4. ✓
    Passed House of Delegates
  5. ✓
    To Executive
  6. 6
    Enacted

This bill has been enacted into law. Introduced December 27, 2023. Enacted.

Signed by Governor Glenn Youngkin (Republican) on April 02, 2024.

Prognosis

Likely to advance 70% · moderate confidence

Where this bill stands today.

Odds of enactment

High

How often bills like it became law.

  • Enacted

    Current position in the legislative process.

  • 1 sponsor

    1 primary, 0 co-sponsors signed on.

  • Cleared a recorded vote

    Passed 5 recorded votes so far.

Prognosis reads this bill's own signals — stage, sponsorship breadth, committee status, recorded votes and cross-state momentum. Odds come from a model trained on which bills have become law.

Summary

Termination of trust; notice requirements. Provides that a trustee seeking to terminate a trust consisting of trust property that has a total value of less than $100,000 may do so without a court order, provided that the trustee sends notice, as specified in the bill, to any qualified beneficiaries or cotrustees. This bill is identical to HB 332.

Bill Text

What changed in the latest version

20 added · 21 removed

Plain-language change summary

The recent amendment to SB 63 clarifies the rules regarding the termination of small trusts, specifically those valued at less than $100,000. It allows trustees to end these trusts without seeking court approval, provided they notify the beneficiaries. This change aims to reduce administrative costs and streamline the process for managing smaller trusts, which can be burdensome when their value is minimal. Additionally, it specifies that certain expenses related to the trust's termination will be covered by the trust's assets, ensuring fairness in handling such cases.

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Previous
Latest
SESSION ENROLLED VIRGINIA ACTS OF ASSEMBLY –– CHAPTER E N An of uneconomic trust;
VIRGINIA ACTS OF ASSEMBLY -- 2024 SESSION CHAPTER 336 An Act to amend and reenact § 64.2-732 of the Code of Virginia, relating to modification or termination of uneconomic trust;
notice.4.2-732 of the Code of Virginia, relating to modification or termination R O [S 63] L Approved Be it enacted by the General Assembly of Virginia:
notice.
L 1.
[S 63] Approved April 2, 2024 Be it enacted by the General Assembly of Virginia:
1.
E A.
§ 64.2-732.
Modification or termination of uneconomic trust.
A.
Upon termination of a trust under this section, the trustee shall distribute the trust property in a manner consistent with the purposes of the trust and may simultaneously utilize the provisions Sf § 64.2-779.
Upon termination of a trust under this section, the trustee shall distribute the trust property in a manner consistent with the purposes of the trust and may simultaneously utilize the provisions of § 64.2-779.
6 E.
D.
This section does not apply to an easement for conservation or preservation.
E.
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Action History

  1. Acts of Assembly Chapter text (CHAP0336)

  2. Approved by Governor-Chapter 336 (effective 7/1/24)

  3. Governor's Action Deadline 11:59 p.m., April 8, 2024

  4. Enrolled Bill Communicated to Governor on March 11, 2024

  5. Signed by President

  6. Signed by Speaker

  7. Bill text as passed Senate and House (SB63ER)

  8. Enrolled

  9. VOTE: Block Vote Passage (100-Y 0-N)

  10. Passed House BLOCK VOTE (100-Y 0-N)

  11. Read third time

  12. Read second time

  13. Reported from Courts of Justice (22-Y 0-N)

  14. Referred to Committee for Courts of Justice

  15. Read first time

  16. Placed on Calendar

  17. Constitutional reading dispensed (40-Y 0-N)

  18. Passed Senate (40-Y 0-N)

  19. Constitutional reading dispensed (40-Y 0-N)

  20. Engrossed by Senate - committee substitute SB63S1

  21. Committee substitute agreed to 24105821D-S1

  22. Reading of substitute waived

  23. Read second time

  24. Committee substitute printed 24105821D-S1

  25. Reported from Courts of Justice with substitute (14-Y 0-N)

  26. Senate committee, floor amendments and substitutes offered

  27. Moved from Judiciary to Courts of Justice due to a change of the committee name

  28. Referred to Committee for Courts of Justice

  29. Prefiled and ordered printed; offered 01/10/24 24101044D

Sponsors

Sponsorship breakdown

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1 sponsors · 0 co-sponsors · 147 not signed on

Sponsors (1)

Co-sponsors (0)

None.

Not signed on (147)

147 members have not signed on to this bill.

Show all 147 →

"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

Whip count is in markup. Polling the chamber and every recorded vote this session. Only the first open is slow. It’s instant for you after this. Calling the roll · Tallying · Engrossing

Votes

VOTE: Block Vote Passage (100-Y 0-N)

Passed 99 Yea · 0 Nay
Party YeaNayPresentNot Voting
Unaffiliated 99000
Total 99000
% of votes cast 100%0%0%0%
How each member voted (99)
Member Party Vote
Adele Y. McClure — Yea
Alex Q. Askew — Yea
Alfonso H. Lopez — Yea
Amy J. Laufer — Yea
Anne Ferrell Tata — Yea
Arnold, Jonathan, E. P. — Yea
Atoosa R. Reaser — Yea
Batten, Amanda E. — Yea
Betsy B. Carr — Yea
Bill Wiley — Yea
Bonita G. Anthony — Yea
Briana D. Sewell — Yea
Bulova, David L. — Yea
C.E. Cliff Hayes, Jr. — Yea
Charniele L. Herring — Yea
Chris S. Runion — Yea
Convirs-Fowler, Kelly K. — Yea
Cordoza, A.C. — Yea
Coyner, Carrie E. — Yea
Dan I. Helmer — Yea
David A. Reid — Yea
Debra D. Gardner — Yea
Delores L. McQuinn — Yea
Delores Oates — Yea
Earley, Mark L., Jr. — Yea
Elizabeth B. Bennett-Parker — Yea
Ellen H. McLaughlin — Yea
Ennis, N. Baxter — Yea
Eric Phillips — Yea
Eric R. Zehr — Yea
Fowler, Hyland F."Buddy," Jr. — Yea
Freitas, Nicholas J. — Yea
Gilbert, C. Todd — Yea
Green, W. Chad — Yea
H. Otto Wachsmann, Jr. — Yea
Higgins, Geary — Yea
Holly M. Seibold — Yea
Irene Shin — Yea
Israel D. O'Quinn — Yea
Jackie H. Glass — Yea
James A. "Jay" Leftwich — Yea
James W. Morefield — Yea
Jason S. Ballard — Yea
Jeion A. Ward — Yea
Joseph P. McNamara — Yea
Joshua E. Thomas — Yea
Joshua G. Cole — Yea
Kannan Srinivasan — Yea
Karen Keys-Gamarra — Yea
Karrie K. Delaney — Yea
Kathy K.L. Tran — Yea
Katrina Callsen — Yea
Kent, Hillary Pugh — Yea
Knight, Barry D. — Yea
Laura Jane Cohen — Yea
LeVere Bolling, Destiny — Yea
Lovejoy, Ian T. — Yea
Luke E. Torian — Yea
M. Keith Hodges — Yea
Maldonado, Michelle Lopes — Yea
Marcia S. "Cia" Price — Yea
Marcus B. Simon — Yea
Marshall, Daniel W., III — Yea
Marty Martinez — Yea
Michael B. Feggans — Yea
Michael J. Jones — Yea
Michael J. Webert — Yea
Mike A. Cherry — Yea
Milde, Paul V. — Yea
Mundon King, Candi — Yea
Nadarius E. Clark — Yea
Obenshain, Chris — Yea
Orrock, Robert D., Sr. — Yea
Owen, David — Yea
Patrick A. Hope — Yea
Paul E. Krizek — Yea
Phil M. Hernandez — Yea
Phillip A. Scott — Yea
R. Lee Ware — Yea
Rae Cousins — Yea
Richard C. "Rip" Sullivan, Jr. — Yea
Robert S. Bloxom, Jr. — Yea
Rodney T. Willett — Yea
Rozia A. Henson, Jr. — Yea
Sam Rasoul — Yea
Scott A. Wyatt — Yea
Shelly A. Simonds — Yea
Sickles, Mark D. — Yea
Taylor, Kim A. — Yea
Terry G. Kilgore — Yea
Terry L. Austin — Yea
Thomas A. Garrett, Jr. — Yea
Thomas C. Wright, Jr. — Yea
Timothy P. Griffin — Yea
Tony O. Wilt — Yea
Vivian E. Watts — Yea
Wendell S. Walker — Yea
Will Davis — Yea
Wren M. Williams — Yea

Official roll call →

Reported from Courts of Justice (22-Y 0-N)

Passed 22 Yea · 0 Nay
Party YeaNayPresentNot Voting
Unaffiliated 22000
Total 22000
% of votes cast 100%0%0%0%
How each member voted (22)
Member Party Vote
Arnold, Jonathan, E. P. — Yea
Atoosa R. Reaser — Yea
Batten, Amanda E. — Yea
Cordoza, A.C. — Yea
Earley, Mark L., Jr. — Yea
James A. "Jay" Leftwich — Yea
Jason S. Ballard — Yea
Joshua E. Thomas — Yea
Karen Keys-Gamarra — Yea
Karrie K. Delaney — Yea
Katrina Callsen — Yea
Maldonado, Michelle Lopes — Yea
Marcus B. Simon — Yea
Obenshain, Chris — Yea
Patrick A. Hope — Yea
Phil M. Hernandez — Yea
Rae Cousins — Yea
Richard C. "Rip" Sullivan, Jr. — Yea
Terry G. Kilgore — Yea
Vivian E. Watts — Yea
Will Davis — Yea
Wren M. Williams — Yea

Official roll call →

Passed Senate (40-Y 0-N)

Passed 40 Yea · 0 Nay
Party YeaNayPresentNot Voting
Unaffiliated 40000
Total 40000
% of votes cast 100%0%0%0%
How each member voted (40)
Member Party Vote
Aaron R. Rouse — Yea
Angelia Williams Graves — Yea
Barbara A. Favola — Yea
Bill DeSteph — Yea
Bryce E. Reeves — Yea
Carroll Foy, Jennifer D. — Yea
Christie New Craig — Yea
Christopher T. Head — Yea
Danica A. Roem — Yea
David R. Suetterlein — Yea
David W. Marsden — Yea
Ebbin, Adam P. — Yea
Emily M. Jordan — Yea
Glen H. Sturtevant, Jr. — Yea
Hashmi, Ghazala F. — Yea
J.D. "Danny" Diggs — Yea
Jennifer B. Boysko — Yea
Jeremy S. McPike — Yea
L. Louise Lucas — Yea
Lamont Bagby — Yea
Lashrecse D. Aird — Yea
Mamie E. Locke — Yea
Mark D. Obenshain — Yea
Mark J. Peake — Yea
McGuire, John J., III — Yea
R. Creigh Deeds — Yea
Richard H. Stuart — Yea
Russet Perry — Yea
Ryan T. McDougle — Yea
Saddam Azlan Salim — Yea
Schuyler T. VanValkenburg — Yea
Scott A. Surovell — Yea
Stella G. Pekarsky — Yea
Subramanyam, Suhas — Yea
T. Travis Hackworth — Yea
Tammy Brankley Mulchi — Yea
Tara A. Durant — Yea
Timmy French — Yea
Todd E. Pillion — Yea
William M. Stanley, Jr. — Yea

Official roll call →

Constitutional reading dispensed (40-Y 0-N)

Passed 40 Yea · 0 Nay
Party YeaNayPresentNot Voting
Unaffiliated 40000
Total 40000
% of votes cast 100%0%0%0%
How each member voted (40)
Member Party Vote
Aaron R. Rouse — Yea
Angelia Williams Graves — Yea
Barbara A. Favola — Yea
Bill DeSteph — Yea
Bryce E. Reeves — Yea
Carroll Foy, Jennifer D. — Yea
Christie New Craig — Yea
Christopher T. Head — Yea
Danica A. Roem — Yea
David R. Suetterlein — Yea
David W. Marsden — Yea
Ebbin, Adam P. — Yea
Emily M. Jordan — Yea
Glen H. Sturtevant, Jr. — Yea
Hashmi, Ghazala F. — Yea
J.D. "Danny" Diggs — Yea
Jennifer B. Boysko — Yea
Jeremy S. McPike — Yea
L. Louise Lucas — Yea
Lamont Bagby — Yea
Lashrecse D. Aird — Yea
Mamie E. Locke — Yea
Mark D. Obenshain — Yea
Mark J. Peake — Yea
McGuire, John J., III — Yea
R. Creigh Deeds — Yea
Richard H. Stuart — Yea
Russet Perry — Yea
Ryan T. McDougle — Yea
Saddam Azlan Salim — Yea
Schuyler T. VanValkenburg — Yea
Scott A. Surovell — Yea
Stella G. Pekarsky — Yea
Subramanyam, Suhas — Yea
T. Travis Hackworth — Yea
Tammy Brankley Mulchi — Yea
Tara A. Durant — Yea
Timmy French — Yea
Todd E. Pillion — Yea
William M. Stanley, Jr. — Yea

Official roll call →

Reported from Courts of Justice with substitute (14-Y 0-N)

Passed 14 Yea · 0 Nay · 1 Other
Party YeaNayPresentNot Voting
Unaffiliated 14001
Total 14001
% of votes cast 93%0%0%7%
How each member voted (15)
Member Party Vote
Carroll Foy, Jennifer D. — Yea
Emily M. Jordan — Yea
Jennifer B. Boysko — Yea
Lamont Bagby — Yea
Lashrecse D. Aird — Not Voting
Mark D. Obenshain — Yea
Mark J. Peake — Yea
R. Creigh Deeds — Yea
Richard H. Stuart — Yea
Russet Perry — Yea
Ryan T. McDougle — Yea
Saddam Azlan Salim — Yea
Scott A. Surovell — Yea
Subramanyam, Suhas — Yea
William M. Stanley, Jr. — Yea

Official roll call →

Subjects

finance
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Frequently asked questions

What does SB 63 do?
Termination of trust; notice requirements. Provides that a trustee seeking to terminate a trust consisting of trust property that has a total value of less than $100,000 may do so without a court order, provided that the trustee sends notice, as specified in the bill, to any qualified beneficiaries or cotrustees. This bill is identical to HB 332.
Who sponsors SB 63?
SB 63 is sponsored by Ryan T. McDougle.
What is the current status of SB 63?
This bill has been enacted into law. Introduced December 27, 2023. Enacted.
Where can I track SB 63?
Track SB 63 free on One Click Politics — get push/email alerts when it moves.

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