Except as otherwise provided in the instrument creating the custodial trust, in an agreement with the beneficiary, or by court order, a custodial trustee:
1. Is entitled to reimbursement from custodial trust property for reasonable expenses incurred in the performance of fiduciary services;
2. Has a noncumulative election, to be made no later than six months after the end of each calendar year, to charge a reasonable compensation for fiduciary services performed during that year; and
3. Need not furnish a bond or other security for the faithful performance of fiduciary duties.
1990, c. 264, § 55-34.14; 2012, c. 614.
Structure Code of Virginia
Title 64.2 - Wills, Trusts, and Fiduciaries
Chapter 9 - Uniform Custodial Trust Act
§ 64.2-901. Custodial trust; creation and termination; general provisions
§ 64.2-902. Custodial trustee for future payment or transfer
§ 64.2-903. Form and effect of receipt and acceptance by custodial trustee; jurisdiction
§ 64.2-904. Transfer to custodial trustee by fiduciary or obligor; facility of payment
§ 64.2-905. Multiple beneficiaries; separate custodial trusts; survivorship
§ 64.2-906. General duties of custodial trustee
§ 64.2-907. General powers of custodial trustee
§ 64.2-908. Use of custodial trust property
§ 64.2-909. Determination of incapacity; effect
§ 64.2-910. Exemption of third person from liability
§ 64.2-911. Liability to third person; exceptions
§ 64.2-913. Expenses, compensation, and bond of custodial trustee
§ 64.2-914. Reporting and accounting by custodial trustee; determination of liability
§ 64.2-915. Limitations of action against custodial trustee
§ 64.2-916. Distribution on termination