54.976 – Expenses, compensation and bond of custodial trustee.
54.976 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, all of the following apply to a custodial trustee: (1) A custodial trustee is entitled to reimbursement from custodial trust property for reasonable expenses incurred in […]
54.958 – Transfer to custodial trustee by fiduciary or obligor; facility of payment.
54.958 Transfer to custodial trustee by fiduciary or obligor; facility of payment. (1) Unless otherwise directed by an instrument designating a custodial trustee pursuant to s. 54.954, 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 or guardian […]
54.960 – Multiple beneficiaries; separate custodial trusts; survivorship.
54.960 Multiple beneficiaries; separate custodial trusts; survivorship. (1) 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 […]
54.962 – General duties of custodial trustee.
54.962 General duties of custodial trustee. (1) If appropriate, a custodial trustee shall register or record the instrument vesting title to custodial trust property. (2) 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 […]
54.964 – General powers of custodial trustee.
54.964 General powers of custodial trustee. (1) 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. (2) This section does not […]
54.966 – Use of custodial trust property.
54.966 Use of custodial trust property. (1) 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. (2) If the beneficiary is incapacitated, the custodial trustee shall expend […]
54.93 – Securities ownership by incompetents and spendthrifts.
54.93 Securities ownership by incompetents and spendthrifts. (1) Definitions. (a) All definitions in s. 54.92 (1) (a) to (e) and (g) shall apply in this section, unless the context otherwise requires. (b) In this section, “ 3rd party” means a person other than a bank, broker, transfer agent or issuer who with respect to a […]
54.950 – Definitions.
54.950 Definitions. In this subchapter: (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 subchapter. (3) Notwithstanding s. 54.01 (3), […]
54.952 – Custodial trust; general.
54.952 Custodial trust; general. (1) 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 […]
54.954 – Custodial trustee for future payment or transfer.
54.954 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 […]