SB 566 Virginia Senate · 2024 Regular Session

Trusts; release or ratification of trustee by beneficiary, response of beneficiary in writing.

Summary
Trustees; settlement of accounts; notice andstatements to beneficiaries; requirements. Provides that when(i) a trust terminates pursuant to the terms of the trust, (ii) atrust terminates early, (iii) a trustee resigns or is removed, or(iv) a trustee is seeking discharge of an interim account periodwhen the trust is continuing, a trustee may obtain a settlement of accounts if the trustee sends the beneficiary notice and certainrequired accounting statements and the beneficiary does not objectwithin 45 days after the trustee sends such notice. The bill provides that if a beneficiary or other party who received such notice andstatements properly objects, the trustee or qualified beneficiaryor other party shall either submit such objection in writing to thecourt for resolution or resolve the objection by a nonjudicial settlement agreement or other written agreement. The bill also provides thatwhen a qualified beneficiary has failed to object within the 45-dayperiod or consents to such action of the trustee, the beneficiary or other party is prohibited from bringing a claim against the trusteefor challenging the validity of (i) the trust or (ii) the periodof such interim accounts.
Bill status signed all 5 stages cleared
Introduction
Jan 2024
Committee Review
Feb 2024
Senate Passage
Mar 2024
House of Delegates Passage
Mar 2024
Signed into Law
Apr 2024
Introduced Jan 10, 2024 Signed Apr 5, 2024
Floor votes · Senate Feb 13, 2024 · House of Delegates Feb 28, 2024

How they voted

40–0
Passed
Total votes 40
Feb 13, 2024
D Democratic21
21 Yea
100% Yea
R Republican19
19 Yea
100% Yea
Vote distribution
All Yea All Nay Mixed No data
Full legislative history

Actions timeline

Total actions
30
Key actions
7
Committee
5
Apr 5, 2024
Signed into law
Approved by Governor-Chapter 600 (effective 7/1/24)
Mar 7, 2024
Senate · Passed
Signed by President
Mar 4, 2024
House of Delegates · Passed
Signed by Speaker
Mar 4, 2024
Senate · Passed
Bill text as passed Senate and House (SB566ER)
Feb 28, 2024
House of Delegates · Passed
VOTE: Block Vote Passage (97-Y 0-N)
Feb 28, 2024
House of Delegates · Passed
Passed House BLOCK VOTE (97-Y 0-N)
Feb 23, 2024
House of Delegates · Reported by committee
Reported from Courts of Justice (21-Y 0-N)
Feb 16, 2024
House of Delegates · Referred to committee
Referred to Committee for Courts of Justice
Feb 13, 2024
Senate · Passed
Passed Senate (40-Y 0-N)
Feb 12, 2024
Senate · Reported by committee
Reported from Courts of Justice with substitute (15-Y 0-N)
Feb 12, 2024
Senate · Reported by committee
Senate committee, floor amendments and substitutes offered
Jan 10, 2024
Senate · Referred to committee
Referred to Committee for Courts of Justice
1 primary · 0 co-sponsors

Sponsors

Role
Legislator
Party
State
District
P
Photo of Creigh Deeds
Creigh Deeds
DDemocratic
VA
11