CHAPTER 476
An Act to amend and reenact §§ 64.2-745.1 , 64.2-745.2 , and 64.2-1065 of the Code of Virginia, relating to qualified self-settled spendthrift trusts; disbursements; powers of trustee.
[H 1513]
Approved April 8, 2026
Be it enacted by the General Assembly of Virginia:
1. That §§ 64.2-745.1 , 64.2-745.2 , and 64.2-1065 of the Code of Virginia are amended and reenacted as follows:
§ 64.2-745.1 . Self-settled spendthrift trusts.
A. A settlor may transfer assets to a qualified self-settled spendthrift trust and retain in that trust a qualified interest, and, except Except as otherwise provided in this article, § 64.2-747 shall not apply to such a qualified interest in a qualified self-settled spendthrift trust .
B. Section 64.2-747 shall continue to apply with respect to any interest held by a settlor in a qualified self-settled spendthrift trust, other than a qualified interest.
C. A settlor's transfer to a qualified self-settled spendthrift trust shall not, to the extent of the settlor's qualified interest, be deemed to have been made with intent to delay, hinder, or defraud creditors, for purposes of § 55.1-400 , merely because it is made to a trust with respect to which the settlor retains a qualified interest and merely because it is made without consideration. A settlor's transfer to a qualified self-settled spendthrift trust may, however, be set aside under § 55.1-400 or 55.1-401 on other bases, such as if the transfer renders the settlor insolvent.
D. A settlor's creditor may bring an action under § 55.1-402 to avoid a transfer to a qualified self-settled spendthrift trust or otherwise to enforce a claim that existed on the date of the settlor's transfer to such trust within five years after the date of the settlor's transfer to such trust to which such claim relates.