1. 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.

2. B. The terms of a trust prevail over any provision of this chapter except:

   1. 1. The requirements for creating a trust;
   2. 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. 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. 4. The power of the court to modify or terminate a trust under §§ 64.2-728 through 64.2-734;
   5. 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. 6. The power of the court under § 64.2-755 to require, dispense with, or modify or terminate a bond;
   7. 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. 8. The effect of an exculpatory term under § 64.2-799;
   9. 9. The rights under §§ 64.2-801 through 64.2-804 of a person other than a trustee or beneficiary;
   10. 10. Periods of limitation for commencing a judicial proceeding; and
   11. 11. 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.