§ 30-2-8.6-18 — Creating a custodial trust

Indiana § 30-2-8.6-18

• Jurisdiction: Indiana
• Art. 2: GENERAL PROVISIONS
• Ch. 8.6: Uniform Custodial Trust Act

Text

(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) in substance, designates the transferee to be the custodial
trustee of the property under this chapter.
(b) A person may create a custodial trust of property by a written
declaration evidenced by registration of the property or by another
instrument of declaration that:
(1) is executed in any lawful manner;
(2) describes the property;
(3) names as beneficiary an individual other than the declarant;
and
(4) in substance, designates the declarant, who is also the
titleholder of the property, to be the custodial trustee of the
property under this chapter.
(c) A registration or other declaration of trust for the sole benefit of
the declarant is not a custodial trust under this chapter.
(d) Title to custodial trust property is in the custodial trustee and the
beneficial interest is in the beneficiary.

Legislative History

As added by P.L.3-2003, SEC.1.