Virginia § 64.2-902 - Custodial trustee for future payment or transfer
Full text of Virginia Code of Virginia § 64.2-902 — Custodial trustee for future payment or transfer, with citation guidance and answers to common questions.
§ 64.2-902. Custodial trustee for future payment or transfer
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: "as custodial trustee for.................… (name of beneficiary) under the Virginia Uniform Custodial Trust Act."
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.
1990, c. 264, § 55-34.3; 2012, c. 614.
Frequently Asked Questions About Virginia § 64.2-902
What does Code of Virginia § 64.2-902 cover?
Section 64.2-902 ("Custodial trustee for future payment or transfer") is part of the Code of Virginia, the codified statutory law of Virginia. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Virginia § 64.2-902?
A common citation format is "Code of Virginia § 64.2-902" (Virginia). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Virginia law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Virginia official source linked on this page or consult a licensed Virginia attorney.
How does Virginia § 64.2-902 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Virginia can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Virginia.