A. A trustee may delegate investment and management functions that a prudent trustee of comparable skills could properly delegate under the circumstances. The trustee shall exercise reasonable care, skill, and caution in:\n1. Selecting an agent;\n2. Establishing the scope and terms of the delegation, consistent with the purposes and terms of the trust; and\n3. Periodically reviewing the agent's actions in order to monitor the agent's performance and compliance with the terms of the delegation.\nB. In performing a delegated function, an agent owes a duty to the trust to exercise reasonable care to comply with the terms of the delegation.\nC. A trustee who complies with the requirements of subsection A is not liable to the beneficiaries or to the trust for the decisions or actions of the agent to whom the function was delegated.\nD. By accepting the delegation of a trust function from the trustee of a trust that is subject to the law of the Commonwealth, an agent submits to the jurisdiction of the courts of the Commonwealth.\n1999, c. 772, § 26-45.10; 2012, c. 614.
Virginia Legal Code