                                 CODE OF VIRGINIA

CUSTODIAL TRUSTEE FOR FUTURE PAYMENT OR TRANSFER (§ 64.2-902)

A. A person having the right to designate the recipient of property payable or
transferable upon a future event may create a custodial trust upon the
occurrence of the future event by designating in writing the recipient, followed
in substance by: &#8220;as custodial trustee
for&#8230;&#8230;&#8230;&#8230;&#8230;..&#x2026; (name of beneficiary) under the
Virginia Uniform Custodial Trust Act.&#8221;

B. Persons may be designated as substitute or successor custodial trustees to
whom the property shall be paid or transferred in the order named if the first
designated custodial trustee is unable or unwilling to serve.

C. A designation under this section may be made in a will, a trust, a deed, a
multiple-party account, an insurance policy, an instrument exercising a power of
appointment, or a writing designating a beneficiary of contractual rights.
Otherwise, to be effective, the designation shall be registered with or
delivered to the fiduciary, payor, issuer, or obligor of the future right.

HISTORY: 1990, c. 264, § 55-34.3; 2012, c. 614.