{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2026\/code-json\/64.2-788.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2026\/code-text\/64.2-788.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2026\/code-xml\/64.2-788.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2026\/code-html\/64.2-788.html"}],"law_id":376497,"edition_id":2,"section_id":376497,"structure_id":53535,"section_number":"64.2-788","catch_line":"Delegation of investment and management functions","history":"1999, c. 772, \u00a7 26-45.10; 2012, c. 614.","full_text":"A\n\nA trustee may delegate investment and management functions that a prudent trustee of comparable skills could properly delegate under the circumstances. The trustee shall exercise reasonable care, skill, and caution in:\n\n1\n\nSelecting an agent;\n\n2\n\nEstablishing the scope and terms of the delegation, consistent with the purposes and terms of the trust; and\n\n3\n\nPeriodically reviewing the agent’s actions in order to monitor the agent’s performance and compliance with the terms of the delegation.\n\nB\n\nIn performing a delegated function, an agent owes a duty to the trust to exercise reasonable care to comply with the terms of the delegation.\n\nC\n\nA trustee who complies with the requirements of subsection A is not liable to the beneficiaries or to the trust for the decisions or actions of the agent to whom the function was delegated.\n\nD\n\nBy accepting the delegation of a trust function 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.\n\n","order_by":null,"text":{"0":{"id":1405840,"text":"A trustee may delegate investment and management functions that a prudent trustee of comparable skills could properly delegate under the circumstances. The trustee shall exercise reasonable care, skill, and caution in:","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"A1"},"1":{"id":1405841,"text":"Selecting an agent;","type":"section","prefixes":["A","1"],"prefix":"1","entire_prefix":"A1","prefix_anchor":"A1","level":2,"prior_prefix":"A","next_prefix":"A2"},"2":{"id":1405842,"text":"Establishing the scope and terms of the delegation, consistent with the purposes and terms of the trust; and","type":"section","prefixes":["A","2"],"prefix":"2","entire_prefix":"A2","prefix_anchor":"A2","level":2,"prior_prefix":"A1","next_prefix":"A3"},"3":{"id":1405843,"text":"Periodically reviewing the agent’s actions in order to monitor the agent’s performance and compliance with the terms of the delegation.","type":"section","prefixes":["A","3"],"prefix":"3","entire_prefix":"A3","prefix_anchor":"A3","level":2,"prior_prefix":"A2","next_prefix":"B"},"4":{"id":1405844,"text":"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.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A3","next_prefix":"C"},"5":{"id":1405845,"text":"A trustee who complies with the requirements of subsection A is not liable to the beneficiaries or to the trust for the decisions or actions of the agent to whom the function was delegated.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B","next_prefix":"D"},"6":{"id":1405846,"text":"By accepting the delegation of a trust function 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.","type":"section","prefixes":["D"],"prefix":"D","entire_prefix":"D","prefix_anchor":"D","level":1,"prior_prefix":"C"}},"ancestry":[{"id":53535,"edition_id":2,"name":"Uniform Prudent Investor Act","identifier":"9","label":"article","depth":4,"order_by":10,"parent_id":53524,"metadata":{"child_laws":12,"child_structures":0},"date_created":"2026-08-02 03:17:56","date_modified":"2026-08-02 12:37:13","permalink":{"id":1501687,"object_type":"structure","relational_id":53535,"identifier":"9","token":"64.2\/III\/7\/9","url":"\/64.2\/III\/7\/9\/","edition_id":2,"permalink":0,"preferred":1}},{"id":53524,"edition_id":2,"name":"Uniform Trust Code","identifier":"7","label":"chapter","depth":3,"order_by":1,"parent_id":53428,"metadata":{"child_laws":150,"child_structures":13},"date_created":"2026-08-02 03:17:42","date_modified":"2026-08-02 12:37:10","permalink":{"id":1501109,"object_type":"structure","relational_id":53524,"identifier":"7","token":"64.2\/III\/7","url":"\/64.2\/III\/7\/","edition_id":2,"permalink":0,"preferred":1}},{"id":53428,"edition_id":2,"name":"Trusts","identifier":"III","label":"subtitle","depth":2,"order_by":3,"parent_id":53424,"metadata":{"child_laws":232,"child_structures":36},"date_created":"2026-08-02 03:16:27","date_modified":"2026-08-02 12:37:10","permalink":{"id":1500813,"object_type":"structure","relational_id":53428,"identifier":"III","token":"64.2\/III","url":"\/64.2\/III\/","edition_id":2,"permalink":0,"preferred":1}},{"id":53424,"edition_id":2,"name":"Wills, Trusts, and Fiduciaries","identifier":"64.2","label":"title","depth":1,"order_by":136,"parent_id":null,"metadata":{"child_laws":776,"child_structures":114},"date_created":"2026-08-02 03:16:27","date_modified":"2026-08-02 12:37:05","permalink":{"id":1499783,"object_type":"structure","relational_id":53424,"identifier":"64.2","token":"64.2","url":"\/64.2\/","edition_id":2,"permalink":0,"preferred":1}}],"structure_contents":[{"id":376489,"structure_id":53535,"section_number":"64.2-780","catch_line":"Definition of terms","url":"\/64.2-780\/","token":"64.2\/III\/7\/9\/64.2-780","metadata":false},{"id":376490,"structure_id":53535,"section_number":"64.2-781","catch_line":"Prudent investor rule","url":"\/64.2-781\/","token":"64.2\/III\/7\/9\/64.2-781","metadata":false},{"id":376491,"structure_id":53535,"section_number":"64.2-782","catch_line":"Standard of care; portfolio strategy; risk and return objectives","url":"\/64.2-782\/","token":"64.2\/III\/7\/9\/64.2-782","metadata":false},{"id":376492,"structure_id":53535,"section_number":"64.2-783","catch_line":"Diversification by trustee","url":"\/64.2-783\/","token":"64.2\/III\/7\/9\/64.2-783","metadata":false},{"id":376493,"structure_id":53535,"section_number":"64.2-784","catch_line":"Duties at inception of trusteeship","url":"\/64.2-784\/","token":"64.2\/III\/7\/9\/64.2-784","metadata":false},{"id":376494,"structure_id":53535,"section_number":"64.2-785","catch_line":"Loyalty and impartiality","url":"\/64.2-785\/","token":"64.2\/III\/7\/9\/64.2-785","metadata":{"court_decisions":""}},{"id":376495,"structure_id":53535,"section_number":"64.2-786","catch_line":"Investment costs","url":"\/64.2-786\/","token":"64.2\/III\/7\/9\/64.2-786","metadata":{"court_decisions":""}},{"id":376496,"structure_id":53535,"section_number":"64.2-787","catch_line":"Reviewing compliance","url":"\/64.2-787\/","token":"64.2\/III\/7\/9\/64.2-787","metadata":false},{"id":376497,"structure_id":53535,"section_number":"64.2-788","catch_line":"Delegation of investment and management functions","url":"\/64.2-788\/","token":"64.2\/III\/7\/9\/64.2-788","metadata":{"court_decisions":""}},{"id":376498,"structure_id":53535,"section_number":"64.2-789","catch_line":"Language invoking standard of article","url":"\/64.2-789\/","token":"64.2\/III\/7\/9\/64.2-789","metadata":false},{"id":376499,"structure_id":53535,"section_number":"64.2-790","catch_line":"Application to existing trusts","url":"\/64.2-790\/","token":"64.2\/III\/7\/9\/64.2-790","metadata":false},{"id":376500,"structure_id":53535,"section_number":"64.2-791","catch_line":"Uniformity of application and construction","url":"\/64.2-791\/","token":"64.2\/III\/7\/9\/64.2-791","metadata":false}],"previous_section":{"id":376496,"structure_id":53535,"section_number":"64.2-787","catch_line":"Reviewing compliance","url":"\/64.2-787\/","token":"64.2\/III\/7\/9\/64.2-787","metadata":false},"next_section":{"id":376498,"structure_id":53535,"section_number":"64.2-789","catch_line":"Language invoking standard of article","url":"\/64.2-789\/","token":"64.2\/III\/7\/9\/64.2-789","metadata":false},"metadata":{"court_decisions":""},"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/64.2-788\/","history_text":"

This law was first created in 1999. The record of its establishment is cataloged in chapter 772<\/a> of that year\u2019s edition of \u201cActs of Assembly,\u201d the annual state publication listing all changes made to the Code of Virginia in that year. It has been modified 1 time. Those modifications are cataloged by \u201cThe Acts of Assembly,\u201d a state publication, by year and chapter. Those modifications that can be read on the General Assembly\u2019s website will be linked accordingly. That modification is as follows: in 2012, chapter 614<\/a>.<\/p>","references":false,"refers_to":false,"permalink":{"id":1501721,"object_type":"law","relational_id":376497,"identifier":"64.2-788","token":"64.2\/III\/7\/9\/64.2-788","url":"\/64.2-788\/","edition_id":2,"permalink":0,"preferred":1},"url":"\/64.2-788\/","token":"64.2\/III\/7\/9\/64.2-788","dublin_core":{"Title":"Delegation of investment and management functions","Type":"Text","Format":"text\/html","Identifier":"\u00a7 64.2-788","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> A trustee<\/span> may delegate investment and management functions that a prudent trustee<\/span> of comparable skills could properly delegate under the circumstances. The trustee<\/span> shall exercise reasonable care, skill, and caution in: <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> Selecting an agent; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> Establishing the scope and terms of the delegation, consistent with the purposes and terms of the trust<\/span>; and <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

3.<\/span> Periodically reviewing the agent’s actions in order<\/span> to monitor the agent’s performance and compliance with the terms of the delegation. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> In performing a delegated function, an agent owes a duty to the trust<\/span> to exercise reasonable care to comply with the terms of the delegation. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> A trustee<\/span> who complies with the requirements of subsection A is not liable to the beneficiaries or to the trust<\/span> for the decisions or actions of the agent to whom the function was delegated. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

D.<\/span> By accepting the delegation of a trust<\/span> function from the trustee<\/span> of a trust<\/span> that is subject to the law<\/span> of the Commonwealth, an agent submits to the jurisdiction<\/span> of the courts<\/span> of the Commonwealth. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nDELEGATION OF INVESTMENT AND MANAGEMENT FUNCTIONS (\u00a7 64.2-788)\n\nA. A trustee may delegate investment and management functions that a prudent\ntrustee of comparable skills could properly delegate under the circumstances.\nThe trustee shall exercise reasonable care, skill, and caution in:\n\n 1. Selecting an agent;\n\n 2. Establishing the scope and terms of the delegation, consistent with the\n purposes and terms of the trust; and\n\n 3. Periodically reviewing the agent’s actions in order to monitor the\n agent’s performance and compliance with the terms of the delegation.\n\nB. In performing a delegated function, an agent owes a duty to the trust to\nexercise reasonable care to comply with the terms of the delegation.\n\nC. A trustee who complies with the requirements of subsection A is not liable to\nthe beneficiaries or to the trust for the decisions or actions of the agent to\nwhom the function was delegated.\n\nD. By accepting the delegation of a trust function from the trustee of a trust\nthat is subject to the law of the Commonwealth, an agent submits to the\njurisdiction of the courts of the Commonwealth.\n\nHISTORY: 1999, c. 772, \u00a7 26-45.10; 2012, c. 614.","edition":{"id":2,"name":"2026","slug":"2026","date_created":"2026-07-16 18:40:23","date_modified":"2026-08-02 15:14:36","current":1,"order_by":2,"last_import":"2026-08-02 12:37:30"}}