Uniform Trust Code; expands definitions of "independent qualified trustee" and "qualified trustee."

Updated definitions of 'independent qualified trustee' to specify who cannot direct trustee actions, including the settlor, non-resident persons, unlicensed entities, family members, employees, and business entities with significant settlor ownership.

Clarified 'qualified interest' to explain when a settlor's trust interest qualifies for creditor protection under the new rules.

Defined 'qualified trustee' as someone residing in Virginia or legally authorized to act as trustee there, who maintains custody, records, tax returns, or materially participates in trust administration within the Commonwealth.

Established specific requirements for 'qualified self-settled spendthrift trust' including irrevocability, creation during lifetime, presence of other beneficiaries, qualified trustee requirements, and incorporation of Virginia law.

Added procedures for filling vacancies in qualified trustee positions with priority given to successor trustees, beneficiary agreement, or court appointment.

Specified rights that do not make a trust instrument revocable, including certain powers of appointment, income receipt rights, and tax payment provisions.