Section 529.18 — Applicable Law.
529.18 APPLICABLE LAW. (a) Sections 529.01 to 529.19 apply to a transfer or declaration creating a custodial trust that refers to sections 529.01 to 529.19 if, at the time of the transfer or declaration, the transferor, beneficiary, or custodial trustee is a resident of or has its principal place of business in this state or […]
Section 529.03 — Custodial Trustee For Future Payment Or Transfer.
529.03 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 […]
Section 529.04 — Form And Effect Of Receipt And Acceptance By Custodial Trustee, Jurisdiction.
529.04 FORM AND EFFECT OF RECEIPT AND ACCEPTANCE BY CUSTODIAL TRUSTEE, JURISDICTION. (a) Obligations of a custodial trustee, including the obligation to follow directions of the beneficiary, arise under sections 529.01 to 529.19 upon the custodial trustee’s acceptance, express or implied, of the custodial trust property. (b) The custodial trustee’s acceptance may be evidenced by […]
Section 529.05 — Multiple Beneficiaries; Separate Custodial Trusts; Survivorship.
529.05 MULTIPLE BENEFICIARIES; SEPARATE CUSTODIAL TRUSTS; SURVIVORSHIP. (a) Beneficial interests in a custodial trust created for multiple beneficiaries are deemed to be separate custodial trusts of equal undivided interests for each beneficiary. Except in a transfer or declaration for use and benefit of husband and wife, for whom survivorship is presumed, a right of survivorship […]
Section 529.06 — General Duties Of Custodial Trustee.
529.06 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 […]
Section 529.07 — General Powers Of Custodial Trustee.
529.07 GENERAL POWERS OF CUSTODIAL TRUSTEE. (a) A custodial trustee, acting in a fiduciary capacity, has all the rights and powers over custodial trust property which 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 […]
Section 529.08 — Use Of Custodial Trust Property.
529.08 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 […]
Section 529.01 — Definitions.
529.01 DEFINITIONS. As used in sections 529.01 to 529.19: (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 sections 529.01 to […]
Section 529.02 — Custodial Trust; General.
529.02 CUSTODIAL TRUST; GENERAL. (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 any lawful manner, naming as beneficiary, an individual who may be the transferor, in which the transferee is designated, in […]