Sec. 1. (a) This chapter applies to a transfer or declaration creating a custodial trust that refers to this chapter if, at the time of the transfer or declaration: (1) the transferor, beneficiary, or custodial trustee: (A) is a resident of; or (B) has its principal place of business in Indiana; or (2) custodial trust […]
Sec. 10. As used in this chapter, “incapacitated” has the meaning set forth in IC 29-3-1-7.5. As added by P.L.3-2003, SEC.1.
Sec. 11. As used in this chapter, “legal representative” means a personal representative or guardian. As added by P.L.3-2003, SEC.1.
Sec. 12. As used in this chapter, “member of the beneficiary’s family” means a beneficiary’s spouse, descendant, stepchild, parent, stepparent, grandparent, brother, sister, uncle, or aunt, whether of whole or half blood or by adoption. As added by P.L.3-2003, SEC.1.
Sec. 13. As used in this chapter, “person” means an individual, corporation, business trust, estate, trust, partnership, joint venture, association, or any other legal or commercial entity. As added by P.L.3-2003, SEC.1.
Sec. 14. As used in this chapter, “personal representative” has the meaning set forth in IC 29-1-1-3. As added by P.L.3-2003, SEC.1.
Sec. 15. As used in this chapter, “state” means a state, territory, or possession of the United States, the District of Columbia, or the Commonwealth of Puerto Rico. As added by P.L.3-2003, SEC.1.
Sec. 16. As used in this chapter, “transferor” means a person who creates a custodial trust by transfer or declaration. As added by P.L.3-2003, SEC.1.
Sec. 17. As used in this chapter, “trust company” means a financial institution, corporation, or other legal entity authorized to exercise general trust powers. As added by P.L.3-2003, SEC.1.
Sec. 18. (a) A person may create a custodial trust of property by a written transfer of the property to another person, evidenced by registration of the property or by an instrument of transfer that: (1) is executed in any lawful manner; (2) names an individual as beneficiary who may be the transferor; and (3) […]
Sec. 19. (a) Except as provided in subsection (b), a transferor may not terminate a custodial trust. (b) A custodial trust may be terminated by the beneficiary if the beneficiary is not incapacitated. In order to terminate the trust, the beneficiary must deliver to the custodial trustee a writing that: (1) is signed by the […]
Sec. 2. A transfer made pursuant to an act of another state substantially similar to this chapter is governed by the law of that state and may be enforced in Indiana. As added by P.L.3-2003, SEC.1.
Sec. 20. A person may augment existing custodial trust property by the addition of other property under this chapter. As added by P.L.3-2003, SEC.1.
Sec. 21. The transferor may: (1) designate; or (2) authorize the designation of; a successor custodial trustee in the trust instrument. As added by P.L.3-2003, SEC.1.
Sec. 22. (a) This chapter does not supersede or restrict other means of creating trusts. (b) A trust whose terms do not conform to this chapter may be enforceable according to the terms of the trust under another law. As added by P.L.3-2003, SEC.1.
Sec. 23. (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 Indiana uniform […]
Sec. 24. (a) 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: CUSTODIAL TRUSTEE’S RECEIPT AND ACCEPTANCE I, _______________ […]
Sec. 25. (a) Unless otherwise directed by an instrument designating a custodial trustee under section 23 of this chapter, a person, including a fiduciary other than a custodial trustee, who: (1) holds property of; or (2) owes a debt to; an incapacitated individual may make a transfer to an adult member of the beneficiary’s family […]
Sec. 26. (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 husband and wife, for whom survivorship is presumed, a right of survivorship does not exist unless the […]
Sec. 27. (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 […]
