2014 Virginia Code
Title 64.2 - Wills, Trusts, and Fiduciaries
§ 64.2-917. Methods and forms for creating custodial trusts

A. If a transaction, including a declaration with respect to or a transfer of specific property, otherwise satisfies applicable law, the criteria of § 64.2-901 are satisfied by either:

1. The execution and either delivery to the custodial trustee or recording of an instrument in substantially the following form:

TRANSFER UNDER THE VIRGINIA UNIFORM CUSTODIAL TRUST ACT

I, ................… (name of transferor or name and representative
capacity if a fiduciary), transfer to ................… (name of trustee
other than transferor), as custodial trustee for ................… (name of
beneficiary) as beneficiary and ................… (name of distributee) as
distributee on termination of the trust in absence of direction by the
beneficiary under the Virginia Uniform Custodial Trust Act, the following:
................… (insert a description of the custodial trust property
legally sufficient to identify and transfer each item of property).

Dated: ........................…

.........................................…

(signature of transferor or fiduciary)

2. The execution and the recording or giving notice of its execution to
the beneficiary of an instrument in substantially the following form:

DECLARATION OF TRUST UNDER THE VIRGINIA UNIFORM CUSTODIAL TRUST ACT

I, ................… (name of owner of property), declare that
henceforth I hold as custodial trustee for ................… (name of
beneficiary other than transferor) as beneficiary and ................…
(name of distributee) as distributee on termination of the trust in absence of
direction by the beneficiary under the Virginia Uniform Custodial Trust Act,
the following: ................… (insert a description of the custodial
trust property legally sufficient to identify and transfer each item of
property).

Dated: ........................…

......................................…

(signature of owner)

3. Either form may be modified by the owner to include, for example, a
designation of an alternate or successor trustee or the recipient of the
custodial property upon termination of the trust.

B. Customary methods of transferring or evidencing ownership of property
may be used to create a custodial trust, including any of the following:

1. Registration of a security in the name of a trust company, an adult
other than the transferor, or the transferor if the beneficiary is other than
the transferor, designated in substance "as custodial trustee for
................… (name of beneficiary) under the Virginia Uniform
Custodial Trust Act";

2. Delivery of a certificated security, or a document necessary for the
transfer of an uncertificated security, together with any necessary
endorsement, to an adult other than the transferor or to a trust company as
custodial trustee, accompanied by an instrument in substantially the form
prescribed in subdivision A 1;

3. Payment of money or transfer of a security held in the name of a
broker or a financial institution or its nominee to a broker or financial
institution for credit to an account in the name of a trust company, an adult
other than the transferor, or the transferor if the beneficiary is other than
the transferor, designated in substance "as custodial trustee for
................… (name of beneficiary) under the Virginia Uniform
Custodial Trust Act";

4. Registration of ownership of a life or endowment insurance policy or
annuity contract with the issuer in the name of a trust company, an adult
other than the transferor, or the transferor if the beneficiary is other than
the transferor, designated in substance "as custodial trustee for
................… (name of beneficiary) under the Virginia Uniform
Custodial Trust Act";

5. Delivery of a written assignment to an adult other than the
transferor or to a trust company whose name in the assignment is designated in
substance by the words "as custodial trustee for ................… (name of
beneficiary) under the Virginia Uniform Custodial Trust Act";

6. Irrevocable exercise of power of appointment, pursuant to its terms,
in favor of a trust company, an adult other than the donee of the power, or
the donee who holds the power if the beneficiary is other than the donee,
whose name in the appointment is designated in substance "as custodial trustee
for ................… (name of beneficiary) under the Virginia Uniform
Custodial Trust Act";

7. Delivery of a written notification or assignment of a right to future
payment under a contract to an obligor that transfers the right under the
contract to a trust company, an adult other than the transferor, or the
transferor if the beneficiary is other than the transferor, whose name in the
notification or assignment is designated in substance "as custodial trustee
for ................… (name of beneficiary) under the Virginia Uniform
Custodial Trust Act";

8. Execution, delivery, and recordation of a conveyance of an interest
in real property in the name of a trust company, an adult other than the
transferor, or the transferor if the beneficiary is other than the transferor,
designated in substance "as custodial trustee for ................… (name
of beneficiary) under the Virginia Uniform Custodial Trust Act";

9. Issuance of a certificate of title by an agency of a state or of the
United States that evidences title to tangible personal property (i) issued in
the name of a trust company, an adult other than the transferor, or the
transferor if the beneficiary is other than the transferor, designated in
substance "as custodial trustee for ................… (name of beneficiary)
under the Virginia Uniform Custodial Trust Act," or (ii) delivered to a trust
company or an adult other than the transferor or endorsed by the transferor to
that person, designated in substance "as custodial trustee for
................… (name of beneficiary) under the Virginia Uniform
Custodial Trust Act"; or

10. Execution and delivery of an instrument of gift to a trust company
or an adult other than the transferor, designated in substance "as custodial
trustee for ................… (name of beneficiary) under the Virginia
Uniform Custodial Trust Act."

1990, c. 264, § 55-34.18; 2012, c. 614.