55-34.6 - Multiple beneficiaries; separate custodial trusts; survivorship. - Virginia Statutes

§ 55-34.6. Multiple beneficiaries; separate custodial trusts; survivorship.

Beneficial interests in a custodial trust created for multiple beneficiariesare deemed to be separate custodial trusts of equal undivided interests, foreach beneficiary. Except in a transfer or declaration for use and benefit ofhusband and wife, for whom survivorship is presumed, a right of survivorshipdoes not exist unless the instrument creating the custodial trustspecifically provides for survivorship or survivorship is required as tomarital property.

Custodial trust property held under this chapter by the same custodialtrustee for the use and benefit of the same beneficiary may be administeredas a single custodial trust. A custodial trustee of custodial trust propertyheld for more than one beneficiary shall separately account to eachbeneficiary pursuant to §§ 55-34.7 and 55-34.15 for the administration of thecustodial trust.

(1990, c. 264.)