§ 30-2-8.5-29 — Use of custodial property; transfer of property to trust

Indiana § 30-2-8.5-29

• Jurisdiction: Indiana
• Art. 2: GENERAL PROVISIONS
• Ch. 8.5: Indiana Uniform Transfers to Minors Act

Text

(a) A custodian may deliver or pay to the
minor or expend for the minor's benefit so much of the custodial
property as the custodian considers advisable for the use and benefit of
the minor, without court order and without regard to:
(1) the duty or ability of the custodian personally or of any other
person to support the minor; or
(2) any other income or property of the minor that may be
applicable or available for the support of the minor.
(b) At any time and without a court order, a custodian may transfer
part or all of the custodial property to a trust, including a trust created
by the custodian, in which:
(1) the minor is the sole beneficiary of the trust; and
(2) the terms of the trust satisfy the requirements of Section
2503(c) of the Internal Revenue Code and the regulations under
that section.
The transfer terminates the custodianship of the property to the extent
of the transfer.
(c) On petition of an interested person or the minor if the minor is
at least fourteen (14) years of age, the court may order the custodian to
deliver or pay to the minor or expend for the minor's benefit as much
of the custodial property as the court considers advisable for the use
and benefit of the minor.
(d) A delivery, payment, or expenditure under this section is in
addition to, not in substitution for, and does not affect an obligation of
a person to support the minor.

Legislative History

As added by P.L.267-1989, SEC.2. Amended by P.L.238-2005, SEC.17; P.L.95-2007, SEC.17.