CODE OF VIRGINIA

TRANSFER TO CUSTODIAL TRUSTEE BY FIDUCIARY OR OBLIGOR; FACILITY OF PAYMENT (§
64.2-904)

A. Unless otherwise directed by an instrument designating a custodial trustee
pursuant to § 64.2-902, a person, including a fiduciary other than a custodial
trustee, who holds property of or owes a debt to an incapacitated individual not
having a conservator may make a transfer to an adult member of the
beneficiary’s family or to a trust company as custodial trustee for the
use and benefit of the incapacitated individual. If the value of the property or
the debt exceeds $ 25,000, the transfer is not effective unless authorized by
the court.

B. With court approval, any person, including a conservator, guardian, or other
fiduciary who holds property of or owes a debt to an incapacitated individual,
may make a transfer to any person as a custodial trustee for the use and benefit
of the incapacitated individual. The court, in the exercise of its discretion,
may require the custodial trustee to furnish a bond with surety for the faithful
performance of his fiduciary duties.

C. A written acknowledgment of delivery, signed by a custodial trustee, is a
sufficient receipt and discharge for property transferred to the custodial
trustee pursuant to this section.

HISTORY: 1990, c. 264, § 55-34.5; 1995, c. 444; 2012, c. 614; 2014, c. 532.