Title 64.2, Title 64.2. Wills, Trusts, and Fiduciaries

A personal representative or trustee may make an irrevocable transfer pursuant to § 64.2-1908 to a custodian for the benefit of a minor as authorized in the governing will or trust. If the testator or settlor has nominated a custodian under § 64.2-1902 to receive the custodial pr…

A. Subject to subsection C, a personal representative or trustee may make an irrevocable transfer to an adult or trust company as custodian for the benefit of a minor pursuant to § 64.2-1908 in the absence of a will or under a will or trust that does not contain an authorization …

A. Subject to subsections B and C, a person not subject to § 64.2-1904 or who holds property of or owes a liquidated debt to a minor not having a conservator may make an irrevocable transfer to a custodian for the benefit of the minor pursuant to § 64.2-1908. B. If a person havin…

A written acknowledgment of delivery by a custodian constitutes a sufficient receipt and discharge for custodial property transferred to the custodian pursuant to this chapter.

A. Custodial property is created and a transfer is made whenever: 1. An uncertificated security or a certificated security in registered form is either: a. Registered in the name of the transferor, an adult other than the transferor, or a trust company, followed in substance by t…

A transfer may be made only for one minor, and up to two persons may be joint custodians. All custodial property held under this chapter by the same custodian or joint custodians for the benefit of the same minor constitutes a single custodianship. Unless otherwise specified in a…

A. The validity of a transfer made in a manner prescribed in this chapter is not affected by: 1. Failure of the transferor to comply with subsection C of § 64.2-1908 concerning possession and control; 2. Designation of an ineligible custodian, except designation of the transferor…

A. A custodian shall take control of custodial property, register or record title to custodial property, if appropriate, and collect, hold, manage, invest, and reinvest custodial property. B. In dealing with custodial property, a custodian shall observe the standard of care set f…

A custodian, acting in a custodial capacity, has all the rights, powers, and authority over custodial property that unmarried adult owners have over their own property, which shall include but not be limited to those powers set forth in § 64.2-105 as of the date the custodian act…

A. A custodian may deliver or pay to the minor or expend for the minor's benefit so much of the custodial property as the custodian considers advisable for the use and benefit of the minor, without court order and without regard to (i) the duty or ability of the custodian persona…

A. A custodian is entitled to reimbursement from custodial property for reasonable expenses incurred in the performance of the custodian's duties. B. A custodian, other than one who is a transferor under § 64.2-1903, has a noncumulative election during each calendar year to charg…

A third person may act in good faith and without court order on the instruction of or otherwise deal with any person purporting to make a transfer or purporting to act in the capacity of a custodian and, in the absence of knowledge, is not responsible for determining (i) the vali…

A claim based on (i) a contract entered into by a custodian acting in a custodial capacity, (ii) an obligation arising from the ownership or control of custodial property, or (iii) a tort committed during the custodianship may be asserted against the custodial property by proceed…

A. A person nominated under § 64.2-1902 or designated under § 64.2-1908 as custodian may decline to serve by delivering written notice to the person who made the nomination or to the transferor or the transferor's legal representative. If the event giving rise to a transfer has n…

A. A transferor, the legal representative of a transferor, an adult member of the minor's family, a guardian of the person of the minor, the conservator of the minor, or the minor, if the minor has attained the age of 14 years, may petition the court (i) for an accounting by the …

A. Except as provided in subsection B, the custodian shall transfer the custodial property to the minor or to the minor's estate in an appropriate manner upon the earlier of: 1. The minor's attainment of 18 years of age or if the transfer was made as provided in subsection D or E…

This chapter applies to a transfer within the scope of § 64.2-1901 made after July 1, 1988, if: 1. The transfer purports to have been made under the provisions of the Virginia Uniform Gifts to Minors Act (former §§ 31-26 through 31-36); or 2. The instrument by which the transfer …

A. Any transfer of custodial property as now defined in this chapter made before July 1, 1988, is validated notwithstanding that there was no specific authority in the Virginia Uniform Gifts to Minors Act (former §§ 31-26 through 31-36) for the coverage of custodial property of t…

This chapter shall be applied and construed to effectuate its general purpose to make uniform the law with respect to the subject of this chapter among states enacting it.