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Uniform Custodial Trust Act

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This is a sample form for use in Virginia matters involving trusts, a Receipt and Acceptance of Custodian under Uniform Custodial Trust Act. Under § 55-34.4 of the Virginia Uniform Custodial Trust Act, obligations of a custodial trustee, including the obligation to follow directions of the beneficiary, arise upon the custodial trustee's acceptance, express or implied, of the custodial trust property. The custodial trustee's acceptance may be evidenced by a writing stating in substance the custodial trustee's acknowledgement of receipt of the custodial trust property and acceptance of the custodial trust as custodial trustee for the beneficiary. The acceptance must state that the custodial trustee undertakes to administer and distribute the custodial trust property pursuant to the Virginia Uniform Custodial Trust Act and that his or her custodial trustee obligations are subject to the directions of the beneficiary unless the beneficiary is designated as, is, or becomes incapacitated. The acceptance should include a description of the trust property.

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Uniform Custodial Trust Act