Sec. 13.60.900. Definitions.
In this chapter, (1) “adult” means an individual who is at least 18 years of age; (2) “beneficiary” means an individual for whom property has been transferred to or held under a declaration of trust by a custodial trustee for the individual’s use and benefit under this chapter; (3) “conservator” means a person appointed or […]
Sec. 13.60.050. Multiple beneficiaries; separate custodial trusts; survivorship.
(a) Beneficial interests in a custodial trust created for multiple beneficiaries are considered to be separate custodial trusts of equal undivided interests for each beneficiary. Except in a transfer or declaration for use and benefit of a married couple, for whom survivorship is presumed, a right of survivorship does not exist unless the instrument creating […]
Sec. 13.60.060. General duties of custodial trustee.
(a) If appropriate, a custodial trustee shall register or record the instrument vesting title to custodial trust property. (b) If the beneficiary is not incapacitated, a custodial trustee shall follow the directions of the beneficiary in the management, control, investment, or retention of the custodial trust property. In the absence of effective contrary direction by […]
Sec. 13.60.070. General powers of custodial trustee.
(a) A custodial trustee, acting in a fiduciary capacity, has all the rights and powers over custodial trust property that an unmarried adult owner has over individually owned property, but a custodial trustee may exercise those rights and powers in a fiduciary capacity only. (b) This section does not relieve a custodial trustee from liability […]
Sec. 13.60.080. Use of custodial trust property.
(a) A custodial trustee shall pay to the beneficiary or expend for the beneficiary’s use and benefit so much or all of the custodial trust property as the beneficiary while not incapacitated may direct from time to time. (b) If the beneficiary is incapacitated, the custodial trustee shall expend so much or all of the […]
Sec. 13.60.090. Determination of incapacity; effect.
(a) The custodial trustee shall administer the custodial trust as for an incapacitated beneficiary if (1) the custodial trust was created under AS 13.60.040; (2) the transferor has so directed in the instrument creating the custodial trust; or (3) the custodial trustee has determined that the beneficiary is incapacitated. (b) A custodial trustee may determine […]
Sec. 13.60.100. Exemption of third person from liability.
A third person in good faith and without a court order may act on instructions of, or otherwise deal with, a person purporting to make a transfer as, or purporting to act in the capacity of, a custodial trustee. In the absence of knowledge to the contrary, the third person is not responsible for determining […]
Sec. 13.60.010. Custodial trust.
(a) A person may create a custodial trust of property by a written transfer of the property to another person, evidenced by registration or by other instrument of transfer, executed in a lawful manner, naming as beneficiary an individual, who may be the transferor, and in which the transferee is designated, in substance, as custodial […]
Sec. 13.60.020. 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 Alaska Uniform Custodial Trust […]
Sec. 13.60.030. Form and effect of receipt and acceptance by custodial trustee; jurisdiction.
(a) The obligations of a custodial trustee, including the obligation to follow directions of the beneficiary, arise under this chapter upon the custodial trustee’s acceptance, express or implied, of the custodial trust property. (b) The custodial trustee’s acceptance may be evidenced by a writing stating in substance as follows: CUSTODIAL TRUSTEE’S RECEIPT AND ACCEPTANCEI, (name […]