Estate planning rules in Virginia
Key takeaway
Virginia estate planning rules address written wills, tangible personal property writings, powers of attorney, digital asset access and trustee administration. Virginia's rules address the roles of the person signing a document, recipients of personal property, the personal representative of a deceased user and trustees managing property held in trust.
Wills and tangible personal property
Virginia law provides for written, signed wills. A wholly handwritten Virginia will is valid if proved by two disinterested witnesses. Other Virginia wills involve signing or acknowledgment before at least two competent witnesses.
Virginia law gives effect to a signed writing referenced by a will or qualifying revocable trust for the disposition of tangible personal property. The Virginia writing identifies the items and recipients with reasonable certainty. Virginia gives effect to the writing even if the writing does not meet formal execution requirements.
Powers of attorney and digital asset access
A Virginia power of attorney takes effect upon execution unless the principal specifies another effective date or an event that triggers effectiveness. The Virginia principal may authorize persons to determine in writing that the triggering event has occurred.
Virginia law gives a fiduciary or designated recipient no rights beyond the user's own rights. Access under Virginia law may be limited by the user, federal law or applicable terms of service when the user has not given statutory direction.
Virginia law permits a custodian to choose full access, partial access limited to particular tasks, or a copy of accessible assets. Virginia law permits a reasonable administrative charge.
Virginia law conditions disclosure of a deceased user's electronic communication content to the personal representative on user consent or a court direction, together with the representative's submission of specified documentation.
Trust investments and enterprise control
Virginia law makes the prudent investor rule a default duty for trustees managing trust assets, subject to specified exceptions. Virginia trust provisions may expand, restrict, eliminate or alter the rule.
Virginia law directs trustees voting shares or exercising control over other enterprises to act in the beneficiaries' best interests. A Virginia trustee elects or appoints directors or managers when the trust solely owns an enterprise.
Trustee succession and property records
Virginia law permits a trusteeship vacancy to remain unfilled while cotrustees remain in office. A Virginia trust with no remaining trustee calls for the vacancy to be filled.
A successor or surviving Virginia trustee takes on the original trustee's rights, powers, duties and liabilities, including discretionary powers, unless the trust instrument or appointing order provides otherwise.
Virginia treats a deed or instrument transferring property to a trust as a transfer directly to the trustees.
Thresholds and rates change. Check the state's own current figures.
Common questions
How does Virginia law address trustee compensation?
Virginia law gives a trustee the compensation specified by the trust, although a Virginia court may allow a greater or smaller amount in the circumstances identified in the trustee compensation statute.
How does Virginia law address trustee-drafted exculpatory clauses?
Virginia law treats an exculpatory clause drafted or caused to be drafted by the trustee as invalid for abuse of a confidential relationship unless the trustee proves that the clause was adequately communicated to the settlor.