A. A person having the right to designate the recipient of property
transferable upon the occurrence of a future event may revocably nominate a
custodian to receive the property for a minor beneficiary upon the occurrence
of the event by naming the custodian followed in substance by the words: "as
custodian for............… (name of minor) under the Virginia Uniform
Transfers to Minors Act." The nomination may name one or more persons as
substitute custodians to whom the property shall be transferred, in the order
named, if the first nominated custodian dies before the transfer or is unable,
declines, or is ineligible to serve. The nomination may be made in a will, a
trust, a deed, an instrument exercising a power of appointment, or a writing
designating a beneficiary of contractual rights that is registered with or
delivered to the payor, issuer, or other obligor of the contractual rights.
B. A custodian nominated under this section shall be a person to whom a transfer of property of that kind may be made under subsection A of § 64.2-1908.
C. The nomination of a custodian under this section does not create custodial property until the nominating instrument becomes irrevocable or a transfer to the nominated custodian is completed under § 64.2-1908. Unless the nomination of custodian has been revoked, upon the occurrence of the future event the custodianship becomes effective and the custodian shall enforce a transfer of the custodial property pursuant to § 64.2-1908.
1988, c. 516, § 31-39; 2012, c. 614.