2014 Virginia Code
Title 64.2 - Wills, Trusts, and Fiduciaries
§ 64.2-906. General duties of custodial trustee
A. If appropriate, a custodial trustee shall register or record the instrument vesting title to custodial trust property. If the beneficiary is not incapacitated, a custodial trustee shall follow the directions of the beneficiary in the management, control, investment, or retention of the custodial trust property. In the absence of effective contrary direction by the beneficiary while not incapacitated, the custodial trustee shall observe the standard of care set forth in the Uniform Prudent Investor Act (§ 64.2-780 et seq.), except to the extent provided by § 64.2-1502. However, a custodial trustee, in the custodial trustee's discretion, may retain any custodial trust property received from the transferor. Subject to this subsection, a custodial trustee shall take control of and collect, hold, manage, invest, and reinvest custodial trust property.
B. A custodial trustee at all times shall keep custodial trust property of
which the custodial trustee has control, separate from all other property in a
manner sufficient to identify it clearly as custodial trust property of the
beneficiary. Custodial trust property, the title to which is subject to
recordation, is so identified if an appropriate instrument so identifying the
property is recorded, and custodial trust property subject to registration is
so identified if it is registered, or held in an account in the name of the
custodial trustee, designated in substance: "as custodial trustee for
................… (name of beneficiary) under the Virginia Uniform
Custodial Trust Act."
C. A custodial trustee shall keep records of all transactions with respect to custodial trust property, including information necessary for the preparation of tax returns, and shall make the records and information available at reasonable times to the beneficiary or legal representative of the beneficiary.
D. An agent under a power of attorney for an incapacitated beneficiary may not terminate or direct the administration of a custodial trust.
1990, c. 264, § 55-34.7; 2007, c. 517; 2010, cc. 455, 632; 2012, c. 614.
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