Code of Virginia (Last Updated:July 28, 2020) |
TITLE 64.2. Wills, Trusts, and Fiduciaries |
SUBTITLE III. Trusts |
CHAPTER 7. Uniform Trust Code |
ARTICLE 8. Duties and Powers of Trustee |
SECTION 64.2-769. Delegation by trustee |
A. A trustee may delegate duties and powers that a prudent trustee of comparable skills could properly delegate under the circumstances. The trustee shall exercise reasonable care, skill, and caution in: 1. Selecting an agent; 2. Establishing the scope and terms of the delegation, consistent with the purposes and terms of the trust; and 3. Periodically reviewing the agent's actions in order to monitor the agent's performance and compliance with the terms of the delegation. B. In performing a delegated function, an agent owes a duty to the trust to exercise reasonable care to comply with the terms of the delegation. C. A trustee who complies with subsection A is not liable to the beneficiaries or to the trust for an action of the agent to whom the function was delegated. D. By accepting a delegation of powers or duties from the trustee of a trust that is subject to the law of the Commonwealth, an agent submits to the jurisdiction of the courts of the Commonwealth. |