55-34.9 - Use of custodial trust property. - Virginia Statutes

§ 55-34.9. Use of custodial trust property.

A custodial trustee shall pay to the beneficiary or expend for thebeneficiary's use and benefit so much or all of the custodial trust propertyas the beneficiary while not incapacitated may direct from time to time. Ifthe beneficiary is incapacitated, the custodial trustee shall expend so muchor all of the custodial trust property as the custodial trustee considersadvisable for the use and benefit of the beneficiary and individuals who weresupported by the beneficiary when the beneficiary became incapacitated, orwho are legally entitled to support by the beneficiary. Expenditures may bemade in the manner, when, and to the extent that the custodial trusteedetermines suitable and proper, without court order and without regard toother support, income, or property of the beneficiary.

A custodial trustee may establish checking, savings, or other similaraccounts of reasonable amounts under which either the custodial trustee orthe beneficiary may withdraw funds from, or draw checks against, theaccounts. Funds withdrawn from, or checks written against, the account by thebeneficiary are distributions of custodial trust property by the custodialtrustee to the beneficiary.

(1990, c. 264.)