31-41 - Transfer authorized by will or trust. - Virginia Statutes

§ 31-41. Transfer authorized by will or trust.

A personal representative or trustee may make an irrevocable transferpursuant to § 31-45 to a custodian for the benefit of a minor as authorizedin the governing will or trust. If the testator or settlor has nominated acustodian under § 31-39 to receive the custodial property, the transfer mustbe made to that person.

If the testator or settlor has not nominated a custodian under § 31-39 or allpersons so nominated as custodian die before the transfer or are unable,decline, or are ineligible to serve, the personal representative or thetrustee shall designate the custodian from among those eligible to serve ascustodian for property of that kind under subsection A of § 31-45.

(1988, c. 516.)