{"data":{"id":"us-va/va.-code-64.2-703","jurisdiction":"us-va","citation":"Va. Code § 64.2-703","heading":"Default and mandatory rules","body":"A. Except as otherwise provided in the terms of the trust, this chapter governs the duties and powers of a trustee, relations among trustees, and the rights and interests of a beneficiary.B. The terms of a trust prevail over any provision of this chapter except:1. The requirements for creating a trust;2. Subject to subsection I of § 64.2-756 and §§ 64.2-779.32 and 64.2-779.34, the duty of a trustee to act in good faith and in accordance with the terms and purposes of the trust and the interests of the beneficiaries;3. The requirement that a trust and its terms be for the benefit of its beneficiaries, and that the trust have a purpose that is lawful, not contrary to public policy, and possible to achieve;4. The power of the court to modify or terminate a trust under §§ 64.2-728 through 64.2-734;5. The effect of a spendthrift provision and the rights of certain creditors and assignees to reach a trust as provided in Article 5 (§ 64.2-742 et seq.);6. The power of the court under § 64.2-755 to require, dispense with, or modify or terminate a bond;7. The power of the court under subsection B of § 64.2-761 to adjust a trustee's compensation specified in the terms of the trust that is unreasonably low or high;8. The effect of an exculpatory term under § 64.2-799;9. The rights under §§ 64.2-801 through 64.2-804 of a person other than a trustee or beneficiary;10. Periods of limitation for commencing a judicial proceeding; and11. The power of the court to take such action and exercise such jurisdiction as may be necessary in the interests of justice.2005, c. 935, § 55-541.05; 2007, c. 216; 2012, c. 614; 2020, c. 768.","path":["Title 64.2. Wills, Trusts, and Fiduciaries","Subtitle III. Trusts","Chapter 7. Uniform Trust Code","Article 1. General Provisions and Definitions"],"source_url":"https://law.lis.virginia.gov/vacode/64.2-703/","current_through":"9/4/2026","vintage":"","retrieved_at":"2026-09-04T15:18:14Z","sha256":"dcd04adb8c369c8907c9093c9fe8dd7b803dce35b76e47108956911fa24ffebe","source_id":"us-va","stale":true,"prev":"us-va/va.-code-64.2-702","next":"us-va/va.-code-64.2-704"},"notice":"GroundRules: Original legal text. Not legal advice."}