55-34.1 - Definitions. - Virginia Statutes

§ 55-34.1. Definitions.

As used in this chapter:

"Adult" means an individual who is at least eighteen years of age.

"Beneficiary" means an individual for whom property has been transferred toor held under a declaration of trust by a custodial trustee for theindividual's use and benefit under this chapter.

"Conservator" means a person appointed or qualified by a court to managethe estate of an individual or a person legally authorized to performsubstantially the same functions.

"Court" means a circuit court of the Commonwealth of Virginia.

"Custodial trust property" means an interest in property transferred to orheld under a declaration of trust by a custodial trustee under this chapterand the income from and proceeds of that interest.

"Custodial trustee" means a person designated as trustee of a custodialtrust under this chapter or a substitute or successor to the persondesignated.

"Guardian" means a person appointed or qualified by a court as a guardianof a person, including a limited guardian, but not a person who is only aguardian ad litem.

"Incapacitated" means lacking the ability to manage property and businessaffairs effectively by reason of mental illness, mental deficiency, physicalillness or disability, chronic use of drugs, chronic intoxication,confinement, detention by a foreign power, disappearance, minority, or otherdisabling cause.

"Legal representative" means a personal representative or conservator.

"Member of the beneficiary's family" means a beneficiary's spouse,descendant, stepchild, parent, stepparent, grandparent, brother, sister,uncle, or aunt, whether of the whole or half blood or by adoption.

"Person" means an individual, corporation, business trust, estate, trust,partnership, joint venture, association, or any other legal or commercialentity.

"Personal representative" means an executor, administrator, or specialadministrator of a decedent's estate, a person legally authorized to performsubstantially the same functions, or a successor to any of them.

"State" means a state, territory, or possession of the United States, theDistrict of Columbia, or the Commonwealth of Puerto Rico.

"Transferor" means a person who creates a custodial trust by transfer ordeclaration.

"Trust company" means a financial institution, corporation, or other legalentity, authorized to exercise general trust powers.

(1990, c. 264.)