55-34.3 - Custodial trustee for future payment or transfer. - Virginia Statutes

§ 55-34.3. Custodial trustee for future payment or transfer.

A person having the right to designate the recipient of property payable ortransferable upon a future event may create a custodial trust upon theoccurrence of the future event by designating in writing the recipient,followed in substance by: "as custodial trustee for . . . . . . . . . . . .. . . (name of beneficiary) under the Virginia Uniform Custodial Trust Act."

Persons may be designated as substitute or successor custodial trustees towhom the property must be paid or transferred in the order named if the firstdesignated custodial trustee is unable or unwilling to serve.

A designation under this section may be made in a will, a trust, a deed, amultiple-party account, an insurance policy, an instrument exercising a powerof appointment, or a writing designating a beneficiary of contractual rights.Otherwise, to be effective, the designation must be registered with ordelivered to the fiduciary, payor, issuer, or obligor of the future right.

(1990, c. 264.)