Qualified self-settled spendthrift trusts; disbursements, powers of trustee.

Allows a settlor to transfer assets into an irrevocable trust and keep a 'qualified interest' (right to receive income or principal) while still protecting those assets from creditors.

Requires the trust to have at least one beneficiary other than the settlor and mandates that distributions be made in the sole discretion of an 'independent qualified trustee' who is not related to or controlled by the settlor.

Defines 'independent qualified trustee' as someone not subject to direction by the settlor, their family, employees, or business interests where the settlor holds significant power.

Sets a five-year statute of limitations for creditors to challenge transfers to these trusts, starting from the date of the transfer.

Clarifies that moving an existing trust to Virginia to meet these requirements counts as a new transfer for the five-year creditor challenge period.