Fun Fact Friday: Transfers to Minors
In Virginia, minors are considered by law to be "incapacitated." This means, in effect, that they cannot receive property from a deceased person. Instead, a custodial trustee holds the property in trust until the minor turns 18. The custodial trustee may be appointed by the Circuit Court, or the deceased person may nominate the custodial trustee in his or her will.
P.S. Stay tuned for a special announcement coming Wednesday!