                                 CODE OF VIRGINIA

DEFINITIONS (§ 64.2-701)

As used in this chapter, unless the context requires a different
meaning:		&#8220;Action,&#8221; with respect to an act of a trustee, includes a
failure to act.		&#8220;Appointive property&#8221; means the property or
property interest subject to a power of appointment.		&#8220;Ascertainable
standard&#8221; means a standard relating to an individual&#8217;s health,
education, support, or maintenance within the meaning of § 2041(b)(1)(A) or
2514(c)(1) of the Internal Revenue Code of 1986 and any applicable
regulations.		&#8220;Authorized fiduciary&#8221; means (i) a trustee or other
fiduciary, other than a settlor, that has discretion to distribute or direct a
trustee to distribute part or all of the income or principal of the first trust
to one or more current beneficiaries and that is not (a) a current beneficiary
of the first trust or a beneficiary to which the net income or principal of the
first trust would be distributed if the first trust were terminated, (b) a
trustee of the first trust that may be removed and replaced by a current
beneficiary who has the power to remove the existing trustee of the first trust
and designate as successor trustee a person that may be a related or subordinate
party, as defined in 26 U.S.C. § 672(c), with respect to such current
beneficiary, or (c) an individual trustee whose legal obligation to support a
beneficiary may be satisfied by distributions of income and principal of the
first trust; (ii) a special fiduciary appointed under § 64.2-779.6; or (iii) a
special-needs fiduciary under § 64.2-779.10.		&#8220;Beneficiary&#8221; means a
person that (i) has a present or future, vested or contingent, beneficial
interest in a trust; (ii) holds a power of appointment over trust property; or
(iii) is an identified charitable organization that will or may receive
distributions under the terms of the trust.		&#8220;Charitable interest&#8221;
means an interest in a trust that (i) is held by an identified charitable
organization and makes the organization a qualified beneficiary; (ii) benefits
only charitable organizations and, if the interest were held by an identified
charitable organization, would make the organization a qualified beneficiary; or
(iii) is held solely for charitable purposes and, if the interest were held by
an identified charitable organization, would make the organization a qualified
beneficiary.		&#8220;Charitable organization&#8221; means (i) a person, other
than an individual, organized and operated exclusively for charitable purposes
or (ii) a government or governmental subdivision, agency, or instrumentality, to
the extent that it holds funds exclusively for a charitable
purpose.		&#8220;Charitable purpose&#8221; means the relief of poverty, the
advancement of education or religion, the promotion of health, a municipal or
other governmental purpose, or another purpose the achievement of which is
beneficial to the community.		&#8220;Charitable trust&#8221; means a trust, or
portion of a trust, created for a charitable purpose described in §
64.2-723.		&#8220;Conservator&#8221; means a person appointed by the court to
administer the estate of an adult individual.		&#8220;Court&#8221; means the
court of the Commonwealth having jurisdiction in matters related to
trusts.		&#8220;Current beneficiary&#8221; means a beneficiary that on the date
the beneficiary&#8217;s qualification is determined is a distributee or
permissible distributee of trust income or principal. &#8220;Current
beneficiary&#8221; includes the holder of a presently exercisable general power
of appointment but does not include a person that is a beneficiary only because
the person holds any other power of appointment.		&#8220;Decanting power&#8221;
means the power of an authorized fiduciary under the Uniform Trust Decanting Act
(§ 64.2-779.1 et seq.) to distribute property of a first trust to one or more
second trusts or to modify the terms of the first trust.		&#8220;Directed
trustee&#8221; means a trustee that is subject to a trust director&#8217;s power
of direction.		&#8220;Electronic&#8221; means relating to technology having
electrical, digital, magnetic, wireless, optical, electromagnetic, or similar
capabilities.		&#8220;Environmental law&#8221; means a federal, state, or local
law, rule, regulation, or ordinance relating to protection of the
environment.		&#8220;Expanded distributive discretion&#8221; means a
discretionary power of distribution that is not limited to an ascertainable
standard or a reasonably definite standard.		&#8220;First trust&#8221; means a
trust over which an authorized fiduciary may exercise the decanting
power.		&#8220;First-trust instrument&#8221; means the trust instrument for a
first trust.		&#8220;General power of appointment&#8221; means a power of
appointment exercisable in favor of a powerholder, the powerholder&#8217;s
estate, a creditor of the powerholder, or a creditor of the powerholder&#8217;s
estate.		&#8220;Guardian&#8221; means a person appointed by the court to make
decisions regarding the support, care, education, health, and welfare of a minor
or adult individual. The term does not include a guardian ad
litem.		&#8220;Guardian of the estate&#8221; means a person appointed by the
court to administer the estate of a minor.		&#8220;Interests of the
beneficiaries&#8221; means the beneficial interests provided in the terms of the
trust.		&#8220;Jurisdiction,&#8221; with respect to a geographic area, includes
a state or country.		&#8220;Person&#8221; means an individual; estate; business
or nonprofit entity; government; governmental subdivision, agency, or
instrumentality; public corporation; or other legal
entity.		&#8220;Powerholder&#8221; means a person in which a donor creates a
power of appointment.		&#8220;Power of appointment&#8221; means a power that
enables a powerholder acting in a nonfiduciary capacity to designate a recipient
of an ownership interest in or another power of appointment over the appointive
property. &#8220;Power of appointment&#8221; does not include a power of
attorney.		&#8220;Power of direction&#8221; means a power over a trust granted
to a person by the terms of the trust to the extent the power is exercisable
while the person is not serving as a trustee. The term includes a power over the
investment, management, or distribution of trust property or other matters of
trust administration. The term excludes the powers described in subsection A of
§ 64.2-779.28.		&#8220;Power of withdrawal&#8221; means a presently exercisable
general power of appointment other than a power exercisable by a trustee that is
limited by an ascertainable standard, or that is exercisable by another person
only upon consent of the trustee or a person holding an adverse
interest.		&#8220;Presently exercisable power of appointment&#8221; means a
power of appointment exercisable by the powerholder at the relevant time.
&#8220;Presently exercisable power of appointment&#8221; includes a power of
appointment exercisable only after the occurrence of a specified event, the
satisfaction of an ascertainable standard, or the passage of a specified time,
only after (i) the occurrence of the specified event, (ii) the satisfaction of
the ascertainable standard, or (iii) the passage of the specified time.
&#8220;Presently exercisable power of appointment&#8221; does not include a
power exercisable only at the powerholder&#8217;s death.		&#8220;Property&#8221;
means anything that may be the subject of ownership, whether real or personal,
legal or equitable, or any interest therein.		&#8220;Qualified
beneficiary&#8221; means a beneficiary who, on the date the beneficiary&#8217;s
qualification is determined, (i) is a distributee or permissible distributee of
trust income or principal; (ii) would be a distributee or permissible
distributee of trust income or principal if the interests of the distributees
described in clause (i) terminated on that date without causing the trust to
terminate; or (iii) would be a distributee or permissible distributee of trust
income or principal if the trust terminated on that date.		&#8220;Reasonably
definite standard&#8221; means a clearly measurable standard under which a
holder of a power of distribution is legally accountable within the meaning of
§ 674(b)(5)(A) of the Internal Revenue Code of 1986 and any applicable
regulations.		&#8220;Record&#8221; means information that is inscribed on a
tangible medium or that is stored in an electronic or other medium and is
retrievable in perceivable form.		&#8220;Revocable,&#8221; as applied to a
trust, means revocable by the settlor without the consent of the trustee or a
person holding an adverse interest.		&#8220;Second trust&#8221; means (i) a
first trust after modification, including a restatement of the first trust,
under the Uniform Trust Decanting Act (§ 64.2-779.1 et seq.) or (ii) a trust to
which a distribution of property from a first trust is or may be made under the
Uniform Trust Decanting Act (§ 64.2-779.1 et seq.).		&#8220;Second-trust
instrument&#8221; means the trust instrument for a second
trust.		&#8220;Settlor,&#8221; except as otherwise provided in § 64.2-779.22,
means a person, including a testator, who creates or contributes property to a
trust. If more than one person creates or contributes property to a trust, each
person is a settlor of the portion of the trust property attributable to that
person&#8217;s contribution except to the extent another person has the power to
revoke or withdraw that portion.		&#8220;Sign&#8221; means, with present intent
to authenticate or adopt a record, (i) to execute or adopt a tangible symbol or
(ii) to attach to or logically associate with the record an electronic symbol,
sound, or process.		&#8220;Spendthrift provision&#8221; means a term of a trust
that restrains both voluntary and involuntary transfer of a beneficiary&#8217;s
interest.		&#8220;State&#8221; means a state of the United States, the District
of Columbia, Puerto Rico, the United States Virgin Islands, or any territory or
insular possession subject to the jurisdiction of the United States. The term
includes an Indian tribe or band recognized by federal law or formally
acknowledged by a state.		&#8220;Terms of a trust&#8221; means:

1. Except as otherwise provided in subdivision 2, the manifestation of the
settlor&#8217;s intent regarding a trust&#8217;s provisions as (i) expressed in
the trust instrument or (ii) established by other evidence that would be
admissible in a judicial proceeding; or

2. The trust&#8217;s provisions as established, determined, or amended by (i) a
trustee or trust director in accordance with applicable law, (ii) court order,
or (iii) a nonjudicial settlement agreement under &#xA7; 64.2-709.
			&#8220;Trust director&#8221; means a person that is granted a power of
direction by the terms of a trust to the extent the power is exercisable while
the person is not serving as a trustee. The person is a trust director whether
or not the terms of the trust refer to the person as a trust director and
whether or not the person is a beneficiary or settlor of the
trust.			&#8220;Trust instrument&#8221; means a record signed by the settlor to
create a trust or by any person to create a second trust that contains some or
all of the terms of the trust, including any amendments.			&#8220;Trustee&#8221;
includes an original, additional, and successor trustee and a cotrustee.

HISTORY: 2005, c. 935, § 55-541.03; 2012, c. 614; 2017, c. 592; 2018, c. 476;
2020, c. 768; 2025, c. 74.