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On April 4, 2012, Virginia Governor McDonnell signed into law Senate Bill 180 which, when incorporated into a trust either by the settlor or the interested parties, provides protections for a trustee when acting or not acting pursuant to the directions of a trust director
On April 4, 2012, Governor McDonnell signed into law Senate Bill 110 which permits a trustee to exercise a discretionary distribution power by appointing the trust principal or income to the trustee of a second trust
Virginia will become the thirteenth state to permit a settlor to establish an irrevocable trust of which the settlor is a beneficiary and receive spendthrift protection against the claims of the settlor’s creditors beginning on July 1, 2012
