In Virginia, the statute of limitations for fiduciary claims varies depending on the specific circumstances:
- General Breach of Trust by a Trustee: A beneficiary must file a claim within one year after receiving a report that adequately discloses the potential breach and informs them of the time allowed for filing. If no such report exists, the claim must be filed within five years of the earliest of the following:
- The trustee’s removal, resignation, or death.
- The termination of the beneficiary’s interest in the trust.
- The termination of the trust itself (Virginia Code § 64.2-796).
- Fraud-Related Claims: If fraud is involved, the claim must be filed within two years of discovering the fraud, but no later than five years after the fraud occurred.
