§ 64.2-916 Distribution on termination
A. Upon termination of a custodial trust, the custodial trustee shall transfer the unexpended custodial trust property as follows:
2. To the conservator or such other recipient as is designated by the court for an incapacitated beneficiary; or
3. Upon the beneficiary’s death, in the following order: a. As last directed in writing signed by the deceased beneficiary while not incapacitated and received by the custodial trustee during the life of the deceased beneficiary; b. To the survivor of multiple beneficiaries if survivorship is provided for pursuant to § 64.2-905; c. As designated in the instrument creating the custodial trust; or d. To the estate of the deceased beneficiary.
B. If, when the custodial trust would otherwise terminate, the distributee is incapacitated, the custodial trust continues for the use and benefit of the distributee as beneficiary until the incapacity is removed or the custodial trust is otherwise terminated.
C. Death of the beneficiary does not terminate the power of the custodial trustee to discharge obligations of the custodial trustee or beneficiary incurred before the termination of the custodial trust.
History
This law was first created in 1990. The record of its establishment is cataloged in chapter 264 of that year’s edition of “Acts of Assembly,” the annual state publication listing all changes made to the Code of Virginia in that year. Unfortunately, the 1990 “Acts” aren’t available online. It has been modified 1 time. Those modifications are cataloged by “The Acts of Assembly,” a state publication, by year and chapter. Those modifications that can be read on the General Assembly’s website will be linked accordingly. That modification is as follows: in 2012, chapter 614.
1990, c. 264, § 55-34.17; 2012, c. 614.