Kate E. Bochetto has published her note, “Aspiring To Uniformity Amid Inconsistency: Virginia’s Uniform Trust Code and Ladysmith’s Preservation of Beneficiary Rights,” in the Quinnipiac Probate Law Journal. The abstract reads as follows:
The Virginia Supreme Court considered the issue of beneficiaries’ rights and trust administration in Ladysmith v. Newlin, an appeal arising from the state’s circuit court. 1 Ladysmith presented a dispute between the named beneficiaries of a charitable remainder unitrust and one of the named charities to the same trust. 2 The crux of the dispute centered on whether the trustee had the legal right to modify and terminate the trust despite the protest voiced by one of the named charities. 3 The Virginia Uniform Trust Code, which was enacted in 2012, allows a trustee to modify or terminate a trust when circumstances arise that were unforeseen by the testator and where the modifications would not impair any of the named beneficiaries’ rights. 4 In this case, the Court favored a strict reading of the Uniform Trust Code and relevant statutory requirements when deciding that the moving parties had not met their burden of persuasion, and that the lower court erred by allowing for the modification and termination of the trust. 5 In electing to employ a strict reading of the statutory language, the Court took a strong stance in preserving both testator and beneficiary rights in trust administration.
The article is available at the following link: Note: Aspiring To Uniformity Amid Inconsistency: Virginia’s Uniform Trust Code and Ladysmith’s Preservation of Beneficiary Rights.