Hoffman v. First Virginia Bank

In this appeal, the principal question is whether a testator, in providing for a testamentary marital trust, waived the “prudent man rule” otherwise applicable in the investment of trust assets.

Helen B. Hoffman, formerly Helen C. Ballard, and other beneficiaries under the will of William P. Ballard, deceased, (collectively, the complainants, or the beneficiaries), filed their amended bill of complaint in the trial court against First Virginia Bank of Tidewater, successor to Southern Bank of Norfolk (the Trustee), serving as trustee of the marital trust established by the will for the benefit…