2014 Virginia Code
Title 64.2 - Wills, Trusts, and Fiduciaries
§ 64.2-903. Form and effect of receipt and acceptance by custodial trustee; jurisdiction

A. Obligations of a custodial trustee, including the obligation to follow directions of the beneficiary, arise under this chapter upon the custodial trustee's acceptance, express or implied, of the custodial trust property.

B. The custodial trustee's acceptance may be evidenced by a writing stating in substance:

CUSTODIAL TRUSTEE'S RECEIPT AND ACCEPTANCE

I, ...........…(name of custodial trustee), acknowledge receipt of the
custodial trust property described below or in the attached instrument and
accept the custodial trust as custodial trustee for ...........…(name of
beneficiary) under the Virginia Uniform Custodial Trust Act. I undertake to
administer and distribute the custodial trust property pursuant to the
Virginia Uniform Custodial Trust Act. My obligations as custodial trustee are
subject to the directions of the beneficiary unless the beneficiary is
designated as, is, or becomes incapacitated. The custodial trust property
consists of...............................................................…

Dated: ........................…

....................................…

(signature of custodial trustee)

C. Upon accepting custodial trust property, a person designated as custodial trustee under this chapter is subject to personal jurisdiction of the court with respect to any matter relating to the custodial trust.

1990, c. 264, § 55-34.4; 2012, c. 614.