                                 CODE OF VIRGINIA

MULTIPLE BENEFICIARIES; SEPARATE CUSTODIAL TRUSTS; SURVIVORSHIP (§ 64.2-905)

A. Beneficial interests in a custodial trust created for multiple beneficiaries
are deemed to be separate custodial trusts of equal undivided interests for each
beneficiary. Except in a transfer or declaration for use and benefit of spouses,
for whom survivorship is presumed, a right of survivorship does not exist unless
the instrument creating the custodial trust specifically provides for
survivorship or survivorship is required as to marital property.

B. Custodial trust property held under this chapter by the same custodial
trustee for the use and benefit of the same beneficiary may be administered as a
single custodial trust.

C. A custodial trustee of custodial trust property held for more than one
beneficiary shall separately account to each beneficiary pursuant to
&#xA7;&#xA7; 64.2-906 and 64.2-914 for the administration of the custodial
trust.

HISTORY: 1990, c. 264, § 55-34.6; 2012, c. 614; 2020, c. 900.