Section 14.5-509 – Trust Property Not Subject to Obligations of Trustee
Trust property is not subject to personal obligations of the trustee of the trust, even if the trustee becomes insolvent or bankrupt.
Section 14.5-510 – Attaching, Exercising, Reaching, or Otherwise Compelling Distribution of Beneficial Interest Prohibited; Exceptions
(a) A creditor may not attach, exercise, reach, or otherwise compel distribution of the beneficial interest of a beneficiary that is a trustee or the sole trustee of the trust, but that is not a settlor of the trust, except to the extent that the interest would be subject to the claim of the creditor were […]
Section 14.5-511 – Immunity of Marital Trust Property From Claims of Separate Creditors of Husband or Wife
(a) In this section, “proceeds” means: (1) Property acquired by the trustee on the sale, lease, license, exchange, or other disposition of property originally conveyed by a husband and wife to a trustee or trustees; (2) Property collected by the trustee on, or distributed on account of, property originally conveyed by a husband and wife to a trustee […]
Section 14.5-601 – Capacity of Settlor
(a) The capacity required to create, amend, revoke, or add property to a revocable trust, or to direct the actions of the trustee of a revocable trust, is the same as that required to make a will. (b) Nothing in this section shall be construed to prohibit the creation of a revocable trust if that creation is […]
Section 14.5-602 – Revocation or Amendment of Trusts
(a) (1) Unless the terms of a trust expressly provide that the trust is irrevocable, the settlor may revoke or amend the trust. (2) This subsection does not apply to a trust created under an instrument executed before January 1, 2015. (b) If a revocable trust is created or funded by more than one settlor: (1) To the extent the […]
Section 14.5-413 – Reforming Terms of Trust
The court may reform the terms of a trust, even if unambiguous, to conform the terms to the intention of the settlor if it is proved by clear and convincing evidence that both the intent of the settlor and the terms of the trust were affected by a mistake of fact or law, whether in […]
Section 14.5-603 – Rights of Beneficiaries Subject to Control of Settlor
(a) Except as provided in subsection (b) of this section, while a trust is revocable, rights of the beneficiaries are subject to the control of the settlor and the duties of the trustee are owed exclusively to the settlor. (b) While a trust is revocable and a settlor does not have the capacity to revoke the trust, […]
Section 14.5-414 – Modification of Terms for Purposes of Taxes
(a) To achieve the tax objectives of the settlor, the court may modify the terms of a trust in a manner that is not contrary to the probable intention of the settlor. (b) The court may provide that the modification described in subsection (a) of this section has retroactive effect.
Section 14.5-604 – Partial Revocation by Divorce or Annulment
(a) This section applies: (1) (i) With respect to a final judgment of absolute divorce of the settlor and the settlor’s spouse, if the final judgment was entered into on or after October 1, 2016; or (ii) With respect to an annulment of the marriage, if the annulment occurred on or after October 1, 2016; and (2) Unless otherwise expressly […]
Section 14.5-415 – Division or Consolidation of Trust
(a) (1) Subject to the provisions of paragraph (2) of this subsection, on petition by a trustee, personal representative, beneficiary, or party in interest, after notice as the court may direct to the trustees, personal representatives, beneficiaries, and parties in interest, and for good cause shown, a court may: (i) Divide a trust into two or more separate […]