Virginia Code 64.2-900: Definitions
As used in this chapter:
Terms Used In Virginia Code 64.2-900
- Beneficiary: means an individual for whom property has been transferred to or held under a declaration of trust by a custodial trustee for the individual's use and benefit under this chapter. See Virginia Code 64.2-900
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Conservator: means a person appointed or qualified by a court to manage the estate of an individual or a person legally authorized to perform substantially the same functions. See Virginia Code 64.2-900
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Court: means a circuit court of the Commonwealth. See Virginia Code 64.2-900
- 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
- Decedent: A deceased person.
- Executor: A male person named in a will to carry out the decedent
- Guardian: means a person appointed or qualified by a court as a guardian of a person, including a limited guardian, but not a person who is only a guardian ad litem. See Virginia Code 64.2-900
- Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- 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
- Personal representative: means an executor, administrator, or special administrator of a decedent's estate, a person legally authorized to perform substantially the same functions, or a successor to any of them. See Virginia Code 64.2-900
- State: means a state, territory, or possession of the United States, the District of Columbia, or the Commonwealth of Puerto Rico. See Virginia Code 64.2-900
- 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.
- United States: includes the 50 states, the District of Columbia the Commonwealth of Puerto Rico, Guam, the Northern Mariana Islands and the United States Virgin Islands. See Virginia Code 1-255
“Adult” means an individual who is at least 18 years of age.
“Beneficiary” means an individual for whom property has been transferred to or held under a declaration of trust by a custodial trustee for the individual’s use and benefit under this chapter.
“Conservator” means a person appointed or qualified by a court to manage the estate of an individual or a person legally authorized to perform substantially the same functions.
“Court” means a circuit court of the Commonwealth.
“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.
“Custodial trustee” means a person designated as trustee of a custodial trust under this chapter or a substitute or successor to the person designated.
“Guardian” means a person appointed or qualified by a court as a guardian of a person, including a limited guardian, but not a person who is only a guardian ad litem.
“Incapacitated” means lacking the ability to manage property and business affairs effectively by reason of mental illness, mental deficiency, physical illness or disability, chronic use of drugs, chronic intoxication, confinement, detention by a foreign power, disappearance, minority, or other disabling cause.
“Legal representative” means a personal representative or conservator.
“Member of the beneficiary‘s family” means a beneficiary‘s spouse, descendant, stepchild, parent, stepparent, grandparent, brother, sister, uncle, or aunt, whether of the whole or half blood or by adoption.
“Person” means an individual, corporation, business trust, estate, trust, partnership, joint venture, association, or any other legal or commercial entity.
“Personal representative” means an executor, administrator, or special administrator of a decedent‘s estate, a person legally authorized to perform substantially the same functions, or a successor to any of them.
“State” means a state, territory, or possession of the United States, the District of Columbia, or the Commonwealth of Puerto Rico.
“Transferor” means a person who creates a custodial trust by transfer or declaration.
“Trust company” means a financial institution, corporation, or other legal entity authorized to exercise general trust powers.
1990, c. 264, § 55-34.1; 2012, c. 614.