                                 CODE OF VIRGINIA

GENERAL DUTIES OF CUSTODIAL TRUSTEE (§ 64.2-906)

A. If appropriate, a custodial trustee shall register or record the instrument
vesting title to custodial trust property. If the beneficiary is not
incapacitated, a custodial trustee shall follow the directions of the
beneficiary in the management, control, investment, or retention of the
custodial trust property. In the absence of effective contrary direction by the
beneficiary while not incapacitated, the custodial trustee shall observe the
standard of care set forth in the Uniform Prudent Investor Act (&#xA7; 64.2-780
et seq.), except to the extent provided by &#xA7; 64.2-1502. However, a
custodial trustee, in the custodial trustee&#8217;s discretion, may retain any
custodial trust property received from the transferor. Subject to this
subsection, a custodial trustee shall take control of and collect, hold, manage,
invest, and reinvest custodial trust property.

B. A custodial trustee at all times shall keep custodial trust property of which
the custodial trustee has control, separate from all other property in a manner
sufficient to identify it clearly as custodial trust property of the
beneficiary. Custodial trust property, the title to which is subject to
recordation, is so identified if an appropriate instrument so identifying the
property is recorded, and custodial trust property subject to registration is so
identified if it is registered, or held in an account in the name of the
custodial trustee, designated in substance: &#8220;as custodial trustee for
____________________ (name of beneficiary) under the Virginia Uniform Custodial
Trust Act.&#8221;

C. A custodial trustee shall keep records of all transactions with respect to
custodial trust property, including information necessary for the preparation of
tax returns, and shall make the records and information available at reasonable
times to the beneficiary or legal representative of the beneficiary.

D. An agent under a power of attorney for an incapacitated beneficiary may not
terminate or direct the administration of a custodial trust.

HISTORY: 1990, c. 264, § 55-34.7; 2007, c. 517; 2010, cc. 455, 632; 2012, c.
614.