Virginia Code 64.2-1905: Other transfer by fiduciary
A. Subject to subsection C, a personal representative or trustee may make an irrevocable transfer to an adult or trust company as custodian for the benefit of a minor pursuant to § 64.2-1908 in the absence of a will or under a will or trust that does not contain an authorization to do so.
Terms Used In Virginia Code 64.2-1905
- Adult: means an individual who attained the age of 18 years. See Virginia Code 64.2-1900
- Conservator: means a person appointed or qualified by a court to act as general, limited, or temporary guardian of a minor's property or a person legally authorized to perform substantially the same functions. See Virginia Code 64.2-1900
- Court: means the circuit court having appropriate jurisdiction. See Virginia Code 64.2-1900
- Custodian: means a person so designated under § 64. See Virginia Code 64.2-1900
- Minor: means an individual who has not attained the age of 18 years. See Virginia Code 64.2-1900
- Personal representative: means an executor, administrator, successor personal representative, or special administrator of a decedent's estate or a person legally authorized to perform substantially the same functions. See Virginia Code 64.2-1900
- Transfer: means a transaction that creates custodial property under § 64. See Virginia Code 64.2-1900
- Trust company: means a financial institution, corporation, or other legal entity authorized to exercise general trust powers. See Virginia Code 64.2-1900
- Trustee: means a trustee under a probated will or an inter vivos trust instrument. See Virginia Code 64.2-100
- Trustee: A person or institution holding and administering property in trust.
B. Subject to subsection C, a conservator may make an irrevocable transfer to an adult or trust company as custodian for the benefit of the minor pursuant to § 64.2-1908.
C. A transfer under either subsection A or B may be made only if (i) the personal representative, trustee, or conservator considers the transfer to be in the best interest of the minor, (ii) the transfer is not prohibited by or inconsistent with provisions of the applicable will, trust agreement, or other governing instrument, and (iii) the transfer is authorized by the court if it exceeds $25,000 in value or is made by a conservator.