Virginia Code 64.2-913: Expenses, compensation, and bond of custodial trustee
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Except as otherwise provided in the instrument creating the custodial trust, in an agreement with the beneficiary, or by court order, a custodial trustee:
Terms Used In Virginia Code 64.2-913
- Court: means a circuit court of the Commonwealth. See Virginia Code 64.2-900
- Custodial trust property: means an interest in property transferred to or held under a declaration of trust by a custodial trustee under this chapter and the income from and proceeds of that interest. See Virginia Code 64.2-900
- Fiduciary: includes a guardian, committee, trustee, executor, conservator, or personal representative. See Virginia Code 64.2-100
- Fiduciary: A trustee, executor, or administrator.
1. Is entitled to reimbursement from custodial trust property for reasonable expenses incurred in the performance of fiduciary services;
2. Has a noncumulative election, to be made no later than six months after the end of each calendar year, to charge a reasonable compensation for fiduciary services performed during that year; and
3. Need not furnish a bond or other security for the faithful performance of fiduciary duties.
1990, c. 264, § 55-34.14; 2012, c. 614.