Virginia Code 64.2-1903: Transfer by gift or exercise of power of appointment
Current as of: 2023 | Check for updates
|
Other versions
A person may make a transfer by irrevocable gift to, or the irrevocable exercise of a power of appointment in favor of, a custodian for the benefit of a minor pursuant to § 64.2-1908.
Terms Used In Virginia Code 64.2-1903
- Custodian: means a person so designated under § 64. See Virginia Code 64.2-1900
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- Minor: means an individual who has not attained the age of 18 years. See Virginia Code 64.2-1900
- Person: means an individual, corporation, organization, or other legal entity. See Virginia Code 64.2-1900
- Transfer: means a transaction that creates custodial property under § 64. See Virginia Code 64.2-1900
1988, c. 516, § 31-40; 2012, c. 614.