In addition to any other account established to hold funds for inmates, the Department shall establish for each inmate a personal trust account. Unless an inmate has been sentenced to be executed, is serving a sentence of life without the possibility of parole, or is sentenced to a term that makes him ineligible for release, excluding the conditional release of geriatric prisoners pursuant to § 53.1-40.01, prior to 75 years of age, 10 percent of any funds received by an inmate from any source shall be deposited by the Department in the inmate’s personal trust account until the account has a balance of $1,000. When the inmate’s personal trust account reaches $1,000, any funds received by the inmate shall be deposited in the inmate’s other account. An inmate may direct the Department at any time to deposit a portion or all of any funds received by him in the inmate’s personal trust account. After the balance of a personal trust account has exceeded $1,000, an inmate may direct the Department to transfer funds from his personal trust account to any other account maintained for him; provided, however, that the balance of the personal trust account shall not fall below $1,000. Funds in an inmate’s personal trust account shall be paid to the inmate upon parole or final discharge.