What Are My Duties as Trustee in Virginia?

Virginia requires the successor trustee to notify qualified beneficiaries of the trust's existence and the trustee's contact information within 60 days of the grantor's death.Va. Code § 64.2-700 et seq.Verified May 1, 2026 The notice typically includes the trustee's name and address, and the beneficiary's right to request trust information.

When the grantor dies, the revocable trust becomes irrevocable and requires its own EIN (Employer Identification Number) from the IRS. The trustee must file Form 1041 (U.S. Income Tax Return for Estates and Trusts) for any income earned by trust assets after the date of death. The trust may also need to file a Virginia state income tax return.

Virginia requires trustees to maintain detailed records of all trust transactions, including income, expenses, distributions, and investment decisions.Va. Code § 64.2-700 et seq.Verified May 1, 2026 Beneficiaries have the right to request accountings. Proper documentation protects the trustee from liability claims and provides transparency for beneficiaries.

Trustee compensation in Virginia is based on reasonable compensation for the services performed. Professional trustees typically charge 0.5-1.5% of trust assets annually. Individual (non-professional) trustees often reference executor fee guidelines (2-4% of estate value) as a benchmark. See the Virginia trustee compensation guide for details.

Trust administration in Virginia typically takes 6-12 months, compared to 9-12 months for average probate cases.Va. Code § 64.2-601 (small estate $75K threshold and 60-day waiting period), § 64.2-600 (small asset definition, personal property only, real property excluded), § 64.2-1208 (fiduciary compensation; reasonable, no statutory percentage), § 64.2-504 (bond requirement), § 64.2-505 (bond waiver by will), § 64.2-508 (notice to heirs/beneficiaries within 30 days; no newspaper publication), § 64.2-529 (PR liability protection after 12 months from qualification), § 64.2-550 (creditor proof-of-debts hearing before commissioner of accounts; newspaper publication required), § 64.2-1200 (Commissioner of Accounts), § 64.2-1300 (inventory due within 4 months of qualification), §§ 64.2-1305 et seq. (accountings to commissioner of accounts), § 58.1-1712 (state probate tax $0.10/$100; $15K exemption), § 58.1-1718 (optional local probate tax = 1/3 of state tax), § 17.1-275(A)(3) (circuit court qualification fees: $20/$25/$30 by estate value tier; $5K or less no fee); law.lis.virginia.gov; vacourts.govVerified May 1, 2026 Trust creditors have 24 months to file claims, compared to 12 months for probate creditor claims. Trust administration avoids court involvement, public filings, and many of the procedural delays associated with probate. See the Virginia estate settlement guide for a complete overview.