Summary: Uniform Fiduciary Income and Principal Act.Codifies the Uniform Fiduciary Income and Principal Act, which replacesthe prior uniform act to reflect modern trust investment practicesin the allocation of principal and income. The bill provides proceduresfor trustees administering estates and gives them additional flexibilityto administer discretionary trusts to ensure that the intention ofthe creator of the trust is accomplished. The bill includes provisionsfor converting a traditional trust into a "unitrust" to allow fortotal-return investing.

Summary: Guardianship; duties of guardian; visitationrequirements. Requires a guardian to visit an incapacitated personat least once every three months and make certain observations andassessments during each visit.

Summary: Distrained or levied on personal property;auctioneers or auction firms outside the county or city of an officer.Allows for the use of a Virginia-licensed auctioneer or auction firmin selling distrained or levied on personal property and the transportationof such property to an auction site for such sale, regardless ofwhether the auction site is within or outside the county or cityof the officer responsible for selling such property. Under currentlaw, an officer who distrains or levies on personal property is notallowed to remove such property from his county or city.

Summary: Guardianship and conservatorship; duties of the guardian ad litem; report contents. Adds to the duty of a guardian ad litem appointed to represent the interests of a respondent in a guardianship or conservatorship case the requirement to notify the court as soon as practicable if the respondent requests counsel regardless of whether the guardian ad litem recommends counsel. The bill further directs the guardian ad litem to include in his report to the court an explanation by the guardian ad litem as to any (i) decision not to recommend the appointment of counsel for the respondent, (ii) determination that a less restrictive alternative to guardianship or conservatorship is not available, and (iii) determination that appointment of a limited guardian or conservator is not appropriate.

Summary: Department for Aging and Rehabilitative Services; work group; review and evaluate guardianship visitation requirements; report. Directs the Department for Aging and Rehabilitative Services to convene a work group to (i) evaluate how a requirement for private guardians to visit the individual under their guardianship in person at least once every 90 days would reduce the availability of willing and qualified individuals to serve as private guardians, if at all; (ii) consider whether a different number and frequency of visits per year, other than at least once every 90 days, would better balance resource constraints with the importance of guardian visits to the incapacitated person under their care; (iii) determine the additional resources, if any, needed to mitigate the negative impacts of an increased visitation requirement on the willingness and availability of qualified individuals to serve as private guardians; (iv) determine how those resources could be allocated to the relevant private and public entities in the guardianship system to promote compliance with an increased visitation requirement; and (v) determine whether expansion of the Virginia Public Guardian and Conservator Program would substantially alleviate issues related to these concerns. The Department shall submit a summary of its recommendations to the Chairmen of the House Committee for Courts of Justice and the Senate Committee on the Judiciary by November 1, 2022.

Summary: Guardianship and conservatorship; periodic reviewhearings. Requires a schedule for periodic review hearings inthe order of appointment of a guardian or conservator to be set by a court, unless the court makes a determination that such hearingsare unnecessary or impracticable. The bill allows any person to petitionthe court to hold a review hearing earlier than the scheduled date. The bill further provides that any periodic review hearing shallinclude the following assessments by the court: (i) whether the guardianor conservator is fulfilling his duties and (ii) whether continuationof the guardianship or conservatorship is necessary and, if so, whetherthe scope of such guardianship or conservatorship warrants modification.

Summary: Transfer on death deed; conveyance of cooperative interest. Provides that a conveyance of a cooperative interest is included in the meaning of a transfer on death deed.

Summary: Guardianship and conservatorship; notice of hearing. Requires the notice of hearing for a guardianship or conservatorship petition to include a notice that any adult individual or entity whose name and post office address appears in the initial petition for appointment may become a party to the action by filing a pleading with the circuit court in which the guardianship or conservatorship proceeding is pending.

Summary: Guardianship; procedures for restriction ofcommunication, visitation, or interaction. Provides that a guardianshall not restrict an incapacitated person's ability to communicatewith, visit, or interact with other persons with whom the incapacitatedperson has an established relationship, unless such restriction isreasonable to prevent physical, mental, or emotional harm to or financialexploitation of such incapacitated person. Under current law, guardiansare directed to not unreasonably restrict any such communication,visitation, or interaction. The bill further requires that the guardianprovide written notice to any restricted person stating (i) the nature and terms of the restriction, (ii) the reasons why the guardian believesthe restriction is necessary, and (iii) how the restricted personmay challenge such restriction in court. The bill provides a procedureby which a person whose communication, visits, or interaction withan incapacitated person have been restricted may challenge such restrictionin court.