§ 15-1.5-109 — Use of custodial trust property

Colorado § 15-1.5-109

• Jurisdiction: Colorado
• Title 15: Probate,
• Art.: Colorado Uniform Custodial Trust Act

Text

(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 so
much or all of the custodial trust property as the custodial trustee considers
advisable for the use and benefit of the beneficiary and individuals who were
supported by the beneficiary when the beneficiary became incapacitated or who
are legally entitled to support by the beneficiary. Expenditures may be made in the
manner, when, and to the extent that the custodial trustee determines suitable and
proper, without court order and without regard to other support, income, or
property of the beneficiary.

(3) A custodial trustee may establish checking, savings, or other similar
accounts of reasonable amounts under which either the custodial trustee or the
beneficiary may withdraw funds from, or draw checks against, the accounts. Funds
withdrawn from, or checks written against, the account by the beneficiary are
distributions of custodial trust property by the custodial trustee to the beneficiary.

Legislative History

Source: L. 99: Entire article added, p. 1216, � 1, effective August 4.