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 […]
Sec. 13.60.040. Transfer to custodial trustee by fiduciary, obligor, or other person; facility of payment.
(a) Unless otherwise directed by an instrument designating a custodial trustee under AS 13.60.020, a person, including a fiduciary other than a custodial trustee, who holds property of or owes a debt to an incapacitated individual not having a conservator, may make a transfer to an adult member of the beneficiary’s family or to a […]
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. 13.56.110. Prohibited activities.
A supporter may not (1) exert undue influence on the principal; (2) make decisions for or on behalf of the principal; (3) sign for the principal or provide an electronic signature of the principal to a third party; (4) obtain, without the consent of the principal, information that is not reasonably related to matters with […]
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. 13.56.120. Confidentiality, handling, and disposal of information.
A supporter shall keep the information collected by the supporter on behalf of the principal under this chapter confidential, may not use the information for a use that is not authorized by the principal, shall protect the information from unauthorized access, use, or disclosure, and shall dispose of the information properly when appropriate.
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. 13.56.130. Recognition of decisions and requests.
A person shall recognize a decision or request made or communicated with the decision-making assistance of a supporter under this chapter as the decision or request of the principal for the purposes of a provision of law, and the principal or supporter may enforce the decision or request in law or equity on the same […]