Section 68-1405 – SPECIAL NEEDS TRUSTS — REQUIREMENTS — JURISDICTION OF COURT — COURT ORDERS.
68-1405. SPECIAL NEEDS TRUSTS — REQUIREMENTS — JURISDICTION OF COURT — COURT ORDERS. (1) If a court orders that money of a minor or incompetent person be paid to a special needs trust, the terms of the trust shall be reviewed and approved by the court and shall satisfy the requirements of this section. The […]
Section 68-1312 – LIABILITY TO THIRD PERSON.
68-1312. LIABILITY TO THIRD PERSON. (1) A claim based on a contract entered into by a custodial trustee acting in a fiduciary capacity, an obligation arising from the ownership or control of custodial trust property, or a tort committed in the course of administering the custodial trust, may be asserted by a third person against […]
Section 68-1313 – DECLINATION, RESIGNATION, INCAPACITY, DEATH, OR REMOVAL OF CUSTODIAL TRUSTEE — DESIGNATION OF SUCCESSOR CUSTODIAL TRUSTEE.
68-1313. DECLINATION, RESIGNATION, INCAPACITY, DEATH, OR REMOVAL OF CUSTODIAL TRUSTEE — DESIGNATION OF SUCCESSOR CUSTODIAL TRUSTEE. (1) Before accepting the custodial trust property, a person designated as custodial trustee may decline to serve by notifying the person who made the designation, the transferor, or the transferor’s legal representative. If an event giving rise to a […]
Section 68-1314 – EXPENSES, COMPENSATION AND BOND OF CUSTODIAL TRUSTEE.
68-1314. EXPENSES, COMPENSATION AND BOND OF CUSTODIAL TRUSTEE. 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 […]
Section 68-1315 – REPORTING AND ACCOUNTING BY CUSTODIAL TRUSTEE — DETERMINATION OF LIABILITY OF CUSTODIAL TRUSTEE.
68-1315. REPORTING AND ACCOUNTING BY CUSTODIAL TRUSTEE — DETERMINATION OF LIABILITY OF CUSTODIAL TRUSTEE. (1) Upon the acceptance of custodial trust property, the custodial trustee shall provide a written statement describing the custodial trust property and shall thereafter provide a written statement of the administration of the custodial trust property (i) once each year, (ii) […]
Section 68-1316 – LIMITATIONS OF ACTION AGAINST CUSTODIAL TRUSTEE.
68-1316. LIMITATIONS OF ACTION AGAINST CUSTODIAL TRUSTEE. (1) Except as provided in subsection (3) of this section, unless previously barred by adjudication, consent, or limitation, a claim for relief against a custodial trustee for accounting or breach of duty is barred as to a beneficiary, a person to whom custodial trust property is to be […]
Section 68-1317 – DISTRIBUTION ON TERMINATION.
68-1317. DISTRIBUTION ON TERMINATION. (1) Upon termination of a custodial trust, the custodial trustee shall transfer the unexpended custodial trust property: (a) To the beneficiary, if not incapacitated or deceased; (b) To the conservator or other recipient designated by the court for an incapacitated beneficiary; or (c) Upon the beneficiary’s death, in the following order: […]
Section 68-1318 – METHODS AND FORMS FOR CREATING CUSTODIAL TRUSTS.
68-1318. METHODS AND FORMS FOR CREATING CUSTODIAL TRUSTS. (1) If a transaction, including a declaration with respect to or a transfer of specific property, otherwise satisfies applicable law, the criteria of section 68-1302, Idaho Code, are satisfied by: (a) The execution and either delivery to the custodial trustee or recording of an instrument in substantially […]
Section 68-1303 – CUSTODIAL TRUSTEE FOR FUTURE PAYMENT OR TRANSFER.
68-1303. CUSTODIAL TRUSTEE FOR FUTURE PAYMENT OR TRANSFER. (1) 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 […]
Section 68-1304 – FORM AND EFFECT OF RECEIPT AND ACCEPTANCE BY CUSTODIAL TRUSTEE — JURISDICTION.
68-1304. FORM AND EFFECT OF RECEIPT AND ACCEPTANCE BY CUSTODIAL TRUSTEE — JURISDICTION. (1) 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. (2) The custodial trustee’s acceptance may be evidenced by a […]