31-42 - Other transfer by fiduciary. - Virginia Statutes

§ 31-42. Other transfer by fiduciary.

A. Subject to subsection C, a personal representative or trustee may make anirrevocable transfer to an adult or trust company as custodian for thebenefit of a minor pursuant to § 31-45 in the absence of a will or under awill or trust that does not contain an authorization to do so.

B. Subject to subsection C, a conservator may make an irrevocable transfer toan adult or trust company as custodian for the benefit of the minor pursuantto § 31-45.

C. A transfer under either subsection A or B may be made only if (i) thepersonal representative, trustee, or conservator considers the transfer to bein the best interest of the minor, (ii) the transfer is not prohibited by orinconsistent with provisions of the applicable will, trust agreement, orother governing instrument, and (iii) the transfer is authorized by the courtif it exceeds $10,000 in value or is made by a conservator.

(1988, c. 516.)