Expanded definitions of independent qualified trustee and qualified trustee to serve as independent qualified trustee or qualified trustee of a self-settled spendthrift trust.
Legislative History
On Jan. 21, 2025, bill was introduced in House; on Jan. 23, 2025, bill passed House.
On Jan. 24, 2024, bill was introduced in Senate; on Feb. 10, 2024, bill passed Senate.
On Feb. 12, 2025, bill was enrolled; on Feb. 18, 2025, bill was delivered to governor.
Effectiveness
VA bills generally take effect on Jul. 1, following adjournment of the regular session.
Mar. 2025 VA LEG Governor Approval
On Mar. 18, 2025, VA LEG governor approved bill, assigned Chapter 5 (Chapter 22).
Regulators
VA LEG
Entity Types
Corp; Fiduciary; IA
Reference
Ch. 5, 22, 3/18/2025; Bill HB1605, SB1116, 2/18/2025; Citation: VA LEG 64.2-III-7-5-745.2;
