                                 CODE OF VIRGINIA

NOMINATION OF CUSTODIAN (§ 64.2-1902)

A. A person having the right to designate the recipient of property transferable
upon the occurrence of a future event may revocably nominate a custodian to
receive the property for a minor beneficiary upon the occurrence of the event by
naming the custodian followed in substance by the words: &#8220;as custodian
for&#8230;&#8230;&#8230;&#8230;&#x2026; (name of minor) under the Virginia
Uniform Transfers to Minors Act.&#8221; The nomination may name one or more
persons as substitute custodians to whom the property shall be transferred, in
the order named, if the first nominated custodian dies before the transfer or is
unable, declines, or is ineligible to serve. The nomination may be made in a
will, a trust, a deed, an instrument exercising a power of appointment, or a
writing designating a beneficiary of contractual rights that is registered with
or delivered to the payor, issuer, or other obligor of the contractual rights.

B. A custodian nominated under this section shall be a person to whom a transfer
of property of that kind may be made under subsection A of &#xA7; 64.2-1908.

C. The nomination of a custodian under this section does not create custodial
property until the nominating instrument becomes irrevocable or a transfer to
the nominated custodian is completed under &#xA7; 64.2-1908. Unless the
nomination of custodian has been revoked, upon the occurrence of the future
event the custodianship becomes effective and the custodian shall enforce a
transfer of the custodial property pursuant to &#xA7; 64.2-1908.

HISTORY: 1988, c. 516, § 31-39; 2012, c. 614.