Testamentary trustees; relief of duty to file an inventory or annual accounts. (HB56)

Introduced By

Del. Mark Cole (R-Fredericksburg)

Progress

Introduced
Passed Committee
Passed House
Passed Senate
Signed by Governor
Became Law

Description

Testamentary trustees. Provides that any trustee under a will of a decedent, whenever probated, shall be relieved of the duty to file an inventory or annual accounts with the commissioner of accounts if the trustee (i) obtains the written consent of all adult beneficiaries, other than the trustee, to whom income or principal of the trust could be currently distributed, after providing those beneficiaries with certain documents and information; and (ii) files those consents with the commissioner on or before the date on which the inventory or next required accounting would otherwise be due. Under current law, however, such trustee is relieved of such duty only if the will of the decedent contains the requisite waiver of the obligations of the testamentary trustee nominated therein to account. Amends § 26-17.7, of the Code of Virginia. Read the Bill »

Outcome

Bill Has Passed

History

DateAction
12/22/2009Committee
12/22/2009Prefiled and ordered printed; offered 01/13/10 10101963D
12/22/2009Referred to Committee for Courts of Justice
01/13/2010Assigned Courts sub: Civil
01/15/2010Assigned Courts sub: Civil
01/18/2010Subcommittee recommends reporting (11-Y 0-N)
01/22/2010Reported from Courts of Justice (22-Y 0-N) (see vote tally)
01/26/2010Read first time
01/27/2010Passed by for the day
01/28/2010Passed by for the day
01/29/2010Passed by for the day
02/01/2010Read second time
02/01/2010Floor substitute printed 10104789D-H1 (Cole)
02/01/2010Substitute by Delegate Cole agreed to 10104789D-H1
02/01/2010Engrossed by House - floor substitute HB56H1
02/02/2010Read third time and passed House (96-Y 0-N)
02/02/2010VOTE: --- PASSAGE (96-Y 0-N) (see vote tally)
02/03/2010Constitutional reading dispensed
02/03/2010Referred to Committee for Courts of Justice
02/17/2010Assigned Courts sub: Civil
02/22/2010Reported from Courts of Justice with amendments (14-Y 0-N 1-A) (see vote tally)
02/23/2010Constitutional reading dispensed (40-Y 0-N) (see vote tally)
02/24/2010Read third time
02/24/2010Reading of amendments waived
02/24/2010Committee amendments agreed to
02/24/2010Engrossed by Senate as amended
02/24/2010Passed Senate with amendments (39-Y 1-N) (see vote tally)
02/25/2010Placed on Calendar
02/26/2010Senate amendments agreed to by House (96-Y 0-N)
02/26/2010VOTE: --- ADOPTION (96-Y 0-N) (see vote tally)
03/08/2010Enrolled
03/08/2010Bill text as passed House and Senate (HB56ER)
03/08/2010Signed by Speaker
03/08/2010Signed by President
04/07/2010G Approved by Governor-Chapter 197 (effective 7/1/10)
04/07/2010G Acts of Assembly Chapter text (CHAP0197)

Video

This bill was discussed on the floor of the General Assembly. Below is all of the video that we have of that discussion, 2 clips in all, totaling 3 minutes.

Duplicate Bills

The following bills are identical to this one: SB43.

Comments

Paul Kositizka writes:

This will solve the problem of inadvertent errors in drafting. I have seen this with spouse and daughter as beneficiaries without any discord but requiring annual accountings and bonds. Eliminating the bonding requirement with consent would be a money saving idea as well.