2019 Code of Virginia
Title 64.2 - Wills, Trusts, and Fiduciaries
Chapter 9 - Uniform Custodial Trust Act
§ 64.2-904. Transfer to custodial trustee by fiduciary or obligor; facility of payment
A. Unless otherwise directed by an instrument designating a custodial trustee pursuant to § 64.2-902, a person, including a fiduciary other than a custodial trustee, who holds property of or owes a debt to an incapacitated individual not having a conservator may make a transfer to an adult member of the beneficiary's family or to a trust company as custodial trustee for the use and benefit of the incapacitated individual. If the value of the property or the debt exceeds $25,000, the transfer is not effective unless authorized by the court.
B. With court approval, any person, including a conservator, guardian, or other fiduciary who holds property of or owes a debt to an incapacitated individual, may make a transfer to any person as a custodial trustee for the use and benefit of the incapacitated individual. The court, in the exercise of its discretion, may require the custodial trustee to furnish a bond with surety for the faithful performance of his fiduciary duties.
C. A written acknowledgment of delivery, signed by a custodial trustee, is a sufficient receipt and discharge for property transferred to the custodial trustee pursuant to this section.
1990, c. 264, § 55-34.5; 1995, c. 444; 2012, c. 614; 2014, c. 532.
