Virginia Code 64.2-902: Custodial trustee for future payment or transfer
A. A person having the right to designate the recipient of property payable or transferable upon a future event may create a custodial trust upon the occurrence of the future event by designating in writing the recipient,
followed in substance by: “as custodial trustee for……………..… (name of beneficiary) under the Virginia Uniform Custodial Trust Act.”
Terms Used In Virginia Code 64.2-902
- Custodial trustee: means a person designated as trustee of a custodial trust under this chapter or a substitute or successor to the person designated. See Virginia Code 64.2-900
- Deed: The legal instrument used to transfer title in real property from one person to another.
- in writing: include any representation of words, letters, symbols, numbers, or figures, whether (i) printed or inscribed on a tangible medium or (ii) stored in an electronic or other medium and retrievable in a perceivable form and whether an electronic signature authorized by Chapter 42. See Virginia Code 1-257
- Person: means an individual, corporation, business trust, estate, trust, partnership, joint venture, association, or any other legal or commercial entity. See Virginia Code 64.2-900
B. Persons may be designated as substitute or successor custodial trustees to whom the property shall be paid or transferred in the order named if the first designated custodial trustee is unable or unwilling to serve.
C. A designation under this section may be made in a will, a trust, a deed, a multiple-party account, an insurance policy, an instrument exercising a power of appointment, or a writing designating a beneficiary of contractual rights. Otherwise, to be effective, the designation shall be registered with or delivered to the fiduciary, payor, issuer, or obligor of the future right.
1990, c. 264, § 55-34.3; 2012, c. 614.