                                 CODE OF VIRGINIA

METHODS AND FORMS FOR CREATING CUSTODIAL TRUSTS (§ 64.2-917)

A. If a transaction, including a declaration with respect to or a transfer of
specific property, otherwise satisfies applicable law, the criteria of §
64.2-901 are satisfied by either:

   1. The execution and either delivery to the custodial trustee or recording of
   an instrument in substantially the following form:
   				TRANSFER UNDER THE VIRGINIA UNIFORM CUSTODIAL TRUST ACT
   				I, ____________________ (name of transferor or name and representative
   capacity if a fiduciary), transfer to ____________________ (name of trustee
   other than transferor), as custodial trustee for ____________________ (name of
   beneficiary) as beneficiary and ____________________ (name of distributee) as
   distributee on termination of the trust in absence of direction by the
   beneficiary under the Virginia Uniform Custodial Trust Act, the following:
   ____________________ (insert a description of the custodial trust property
   legally sufficient to identify and transfer each item of property).
   				Dated: ____________________
   				________________________________________(signature of transferor or
   fiduciary)

   2. The execution and the recording or giving notice of its execution to the
   beneficiary of an instrument in substantially the following form:
   				DECLARATION OF TRUST UNDER THE VIRGINIA UNIFORM CUSTODIAL TRUST ACT
   				I, ____________________ (name of owner of property), declare that
   henceforth I hold as custodial trustee for ____________________ (name of
   beneficiary other than transferor) as beneficiary and ____________________
   (name of distributee) as distributee on termination of the trust in absence of
   direction by the beneficiary under the Virginia Uniform Custodial Trust Act,
   the following: ____________________ (insert a description of the custodial
   trust property legally sufficient to identify and transfer each item of
   property).
   				Dated: ____________________
   				________________________________________(signature of owner)

   3. Either form may be modified by the owner to include, for example, a
   designation of an alternate or successor trustee or the recipient of the
   custodial property upon termination of the trust.

B. Customary methods of transferring or evidencing ownership of property may be
used to create a custodial trust, including any of the following:

   1. Registration of a security in the name of a trust company, an adult other
   than the transferor, or the transferor if the beneficiary is other than the
   transferor, designated in substance &#8220;as custodial trustee for
   ____________________ (name of beneficiary) under the Virginia Uniform
   Custodial Trust Act&#8221;;

   2. Delivery of a certificated security, or a document necessary for the
   transfer of an uncertificated security, together with any necessary
   endorsement, to an adult other than the transferor or to a trust company as
   custodial trustee, accompanied by an instrument in substantially the form
   prescribed in subdivision A 1;

   3. Payment of money or transfer of a security held in the name of a broker or
   a financial institution or its nominee to a broker or financial institution
   for credit to an account in the name of a trust company, an adult other than
   the transferor, or the transferor if the beneficiary is other than the
   transferor, designated in substance &#8220;as custodial trustee for
   ____________________ (name of beneficiary) under the Virginia Uniform
   Custodial Trust Act&#8221;;

   4. Registration of ownership of a life or endowment insurance policy or
   annuity contract with the issuer in the name of a trust company, an adult
   other than the transferor, or the transferor if the beneficiary is other than
   the transferor, designated in substance &#8220;as custodial trustee for
   ____________________ (name of beneficiary) under the Virginia Uniform
   Custodial Trust Act&#8221;;

   5. Delivery of a written assignment to an adult other than the transferor or
   to a trust company whose name in the assignment is designated in substance by
   the words &#8220;as custodial trustee for ____________________ (name of
   beneficiary) under the Virginia Uniform Custodial Trust Act&#8221;;

   6. Irrevocable exercise of power of appointment, pursuant to its terms, in
   favor of a trust company, an adult other than the donee of the power, or the
   donee who holds the power if the beneficiary is other than the donee, whose
   name in the appointment is designated in substance &#8220;as custodial trustee
   for ____________________ (name of beneficiary) under the Virginia Uniform
   Custodial Trust Act&#8221;;

   7. Delivery of a written notification or assignment of a right to future
   payment under a contract to an obligor that transfers the right under the
   contract to a trust company, an adult other than the transferor, or the
   transferor if the beneficiary is other than the transferor, whose name in the
   notification or assignment is designated in substance &#8220;as custodial
   trustee for ____________________ (name of beneficiary) under the Virginia
   Uniform Custodial Trust Act&#8221;;

   8. Execution, delivery, and recordation of a conveyance of an interest in real
   property in the name of a trust company, an adult other than the transferor,
   or the transferor if the beneficiary is other than the transferor, designated
   in substance &#8220;as custodial trustee for ____________________ (name of
   beneficiary) under the Virginia Uniform Custodial Trust Act&#8221;;

   9. Issuance of a certificate of title by an agency of a state or of the United
   States that evidences title to tangible personal property (i) issued in the
   name of a trust company, an adult other than the transferor, or the transferor
   if the beneficiary is other than the transferor, designated in substance
   &#8220;as custodial trustee for ____________________(name of beneficiary)
   under the Virginia Uniform Custodial Trust Act,&#8221; or (ii) delivered to a
   trust company or an adult other than the transferor or endorsed by the
   transferor to that person, designated in substance &#8220;as custodial trustee
   for ____________________ (name of beneficiary) under the Virginia Uniform
   Custodial Trust Act&#8221;; or

   10. Execution and delivery of an instrument of gift to a trust company or an
   adult other than the transferor, designated in substance &#8220;as custodial
   trustee for ____________________ (name of beneficiary) under the Virginia
   Uniform Custodial Trust Act.&#8221;

HISTORY: 1990, c. 264, § 55-34.18; 2012, c. 614.