How HB1513 changes current law

Compared against the Code of Virginia as published AI-generated reading aid — verify against the official bill.

This bill amends 3 section(s) of the Code of Virginia: 64.2-745.1, 64.2-745.2, 64.2-1065.

• 64.2-745.1

  A settlor may transfer assets to a qualified self-settled spendthrift trust and retain in that trust a qualified interest, and, except

  Strikes “A settlor may transfer assets to a qualified self-settled spendthrift trust and retain in that trust a qualified interest, and, except”.

• 64.2-745.1

  A settlor may transfer assets to a qualified self-settled spendthrift trust and retain in that trust a qualified interest, and, except

  Strikes “A settlor may transfer assets to a qualified self-settled spendthrift trust and retain in that trust a qualified interest, and, except”.

• 64.2-745.1

  Except

  Inserts “Except”.

• 64.2-745.1

  such

  Strikes “such”.

• 64.2-745.1

  such

  Strikes “such”.

• 64.2-745.1

  a

  Inserts “a”.

• 64.2-745.1

  in a qualified self-settled spendthrift trust

  Inserts “in a qualified self-settled spendthrift trust”.

• 64.2-745.2

  when distributions could be made to the settlor pursuant to the settlor's qualified interest

  Inserts “when distributions could be made to the settlor pursuant to the settlor's qualified interest”.

• 64.2-745.2

  and

  Inserts “and”.

• 64.2-745.2

  ; and

  Strikes “; and”.

• 64.2-745.2

  ; and

  Strikes “; and”.

• 64.2-745.2

  7. The settlor does not have the right to disapprove distributions from the trust

  Strikes “7. The settlor does not have the right to disapprove distributions from the trust”.

• 64.2-745.2

  7. The settlor does not have the right to disapprove distributions from the trust

  Strikes “7. The settlor does not have the right to disapprove distributions from the trust”.

• 64.2-745.2

  A vacancy in the position of qualified trustee that occurs for any reason, whether or not there is then serving another trustee, shall be filled in the following order of priority:

  Strikes “A vacancy in the position of qualified trustee that occurs for any reason, whether or not there is then serving another trustee, shall be filled in the following order of priority:”.

• 64.2-745.2

  A vacancy in the position of qualified trustee that occurs for any reason, whether or not there is then serving another trustee, shall be filled in the following order of priority:

  Strikes “A vacancy in the position of qualified trustee that occurs for any reason, whether or not there is then serving another trustee, shall be filled in the following order of priority:”.

• 64.2-745.2

  1. By a person eligible to be a qualified trustee and who is designated pursuant to the terms of the trust to act as successor trustee;

  Strikes “1. By a person eligible to be a qualified trustee and who is designated pursuant to the terms of the trust to act as successor trustee;”.

• 64.2-745.2

  1. By a person eligible to be a qualified trustee and who is designated pursuant to the terms of the trust to act as successor trustee;

  Strikes “1. By a person eligible to be a qualified trustee and who is designated pursuant to the terms of the trust to act as successor trustee;”.

• 64.2-745.2

  2. By a person eligible to be a qualified trustee and who is designated by unanimous agreement of the qualified beneficiaries; or

  Strikes “2. By a person eligible to be a qualified trustee and who is designated by unanimous agreement of the qualified beneficiaries; or”.

• 64.2-745.2

  2. By a person eligible to be a qualified trustee and who is designated by unanimous agreement of the qualified beneficiaries; or

  Strikes “2. By a person eligible to be a qualified trustee and who is designated by unanimous agreement of the qualified beneficiaries; or”.

• 64.2-745.2

  3. By a person eligible to be a qualified trustee and who is appointed by the court pursuant to §§ 64.2-1405 and 64.2-1406 or pursuant to § 64.2-712.

  Strikes “3. By a person eligible to be a qualified trustee and who is appointed by the court pursuant to §§ 64.2-1405 and 64.2-1406 or pursuant to § 64.2-712.”.

• 64.2-745.2

  3. By a person eligible to be a qualified trustee and who is appointed by the court pursuant to §§ 64.2-1405 and 64.2-1406 or pursuant to § 64.2-712.

  Strikes “3. By a person eligible to be a qualified trustee and who is appointed by the court pursuant to §§ 64.2-1405 and 64.2-1406 or pursuant to § 64.2-712.”.

• 64.2-745.2

  C. A vacancy in the position of independent qualified trustee that occurs for any reason, whether or not there is then serving another trustee, shall be filled in the following order of priority:

  Strikes “C. A vacancy in the position of independent qualified trustee that occurs for any reason, whether or not there is then serving another trustee, shall be filled in the following order of priority:”.

• 64.2-745.2

  C. A vacancy in the position of independent qualified trustee that occurs for any reason, whether or not there is then serving another trustee, shall be filled in the following order of priority:

  Strikes “C. A vacancy in the position of independent qualified trustee that occurs for any reason, whether or not there is then serving another trustee, shall be filled in the following order of priority:”.

• 64.2-745.2

  1. By a person eligible to be an independent qualified trustee and who is designated pursuant to the terms of the trust to act as successor trustee;

  Strikes “1. By a person eligible to be an independent qualified trustee and who is designated pursuant to the terms of the trust to act as successor trustee;”.

• 64.2-745.2

  1. By a person eligible to be an independent qualified trustee and who is designated pursuant to the terms of the trust to act as successor trustee;

  Strikes “1. By a person eligible to be an independent qualified trustee and who is designated pursuant to the terms of the trust to act as successor trustee;”.

• 64.2-745.2

  2. By a person eligible to be an independent qualified trustee and who is designated by unanimous agreement of the qualified beneficiaries; or

  Strikes “2. By a person eligible to be an independent qualified trustee and who is designated by unanimous agreement of the qualified beneficiaries; or”.

• 64.2-745.2

  2. By a person eligible to be an independent qualified trustee and who is designated by unanimous agreement of the qualified beneficiaries; or

  Strikes “2. By a person eligible to be an independent qualified trustee and who is designated by unanimous agreement of the qualified beneficiaries; or”.

• 64.2-745.2

  3. By a person eligible to be an independent qualified trustee and who is appointed by the court pursuant to §§ 64.2-1405 and 64.2-1406 or pursuant to § 64.2-712.

  Strikes “3. By a person eligible to be an independent qualified trustee and who is appointed by the court pursuant to §§ 64.2-1405 and 64.2-1406 or pursuant to § 64.2-712.”.

• 64.2-745.2

  3. By a person eligible to be an independent qualified trustee and who is appointed by the court pursuant to §§ 64.2-1405 and 64.2-1406 or pursuant to § 64.2-712.

  Strikes “3. By a person eligible to be an independent qualified trustee and who is appointed by the court pursuant to §§ 64.2-1405 and 64.2-1406 or pursuant to § 64.2-712.”.

• 64.2-745.2

  D.

  Strikes “D.”.

• 64.2-745.2

  D.

  Strikes “D.”.

• 64.2-745.2

  to pay, in whole or in part, income taxes due on trust income, or the direct payment of such taxes to the applicable tax authorities, pursuant to a provision in the trust

  Strikes “to pay, in whole or in part, income taxes due on trust income, or the direct payment of such taxes to the applicable tax authorities, pursuant to a provision in the trust”.

• 64.2-745.2

  to pay, in whole or in part, income taxes due on trust income, or the direct payment of such taxes to the applicable tax authorities, pursuant to a provision in the trust

  Strikes “to pay, in whole or in part, income taxes due on trust income, or the direct payment of such taxes to the applicable tax authorities, pursuant to a provision in the trust”.

• 64.2-745.2

  pursuant to subsection C of § 64.2-1065 or any comparable provision of the governing

  Inserts “pursuant to subsection C of § 64.2-1065 or any comparable provision of the governing”.

• 64.2-745.2

  that expressly provides for the direct payment of such taxes or the reimbursement of the settlor for such tax payments

  Strikes “that expressly provides for the direct payment of such taxes or the reimbursement of the settlor for such tax payments”.

• 64.2-745.2

  that expressly provides for the direct payment of such taxes or the reimbursement of the settlor for such tax payments

  Strikes “that expressly provides for the direct payment of such taxes or the reimbursement of the settlor for such tax payments”.

• 64.2-745.2

  E.

  Strikes “E.”.

• 64.2-745.2

  E.

  Strikes “E.”.

• 64.2-745.2

  C.

  Inserts “C.”.

• 64.2-1065

  unless

  Strikes “unless”.