Code of Virginia § 64.2-904. Transfer to custodial trustee by fiduciary or obligor; facility of payment.
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/va/title-64-2/chapter-9/64-2-904A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
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.
1990, c. 264, § 55-34.5; 1995, c. 444 ; 2012, c. 614 ; 2014, c. 532 .