This form is a Management Agreement. Advisers for a common law trust agree to retain the services of a manager for the trust in order to procure advisement and portfolio management services for each series of shares listed on the schedule attached to the document.
Virginia Management Agreement between a Trust and a Corporation
Category:
State:
Multi-State
Control #:
US-C-7-628
Format:
Word;
Rich Text
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FAQ
614. § 64.2-766. Prudent administration. A trustee shall administer the trust as a prudent person would, by considering the purposes, terms, distributional requirements, and other circumstances of the trust.
§ 64.2-753. Limitation on action contesting validity of revocable trust; distribution of trust property.
Impartiality. If a trust has two or more beneficiaries, the trustee shall act impartially in investing, managing, and distributing the trust property, giving due regard to the beneficiaries' respective interests.
A dissenting trustee who joins in an action at the direction of the majority of the trustees and who notified any cotrustee of the dissent at or before the time of the action is not liable for the action unless the action is a serious breach of trust.
The objective of a trust agreement is to give the trustee the legal rights to manage your assets on your behalf, and for the eventual benefit of your beneficiaries. The trustee can either be an individual or an organization.
By statute the trustee is obligated to satisfy all real estate taxes to the date of sale and to submit to the Commissioner of Accounts evidence that those taxes have been paid. Section 55.1-324, Code of Virginia.
If the trust is the sole owner of a corporation or other form of enterprise, the trustee shall elect or appoint directors or other managers who will manage the corporation or enterprise in the best interests of the beneficiaries.
55-17.1 - Trusts not to fail because no beneficiaries are specified by name and no duties laid on trustee; when interest of beneficiaries deemed personal property; liens.
No person may be named or act, in person or by agent or attorney, as the trustee of a deed of trust conveying property to secure the payment of money or the performance of an obligation, either individually or as one of several trustees, unless such person is a resident of the Commonwealth.