§ 30-2-8.6-23 — Custodial trust upon occurrence of future event

Indiana § 30-2-8.6-23

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

Text

(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 custodial trust act".
(b) Persons may be designated as substitute or successor custodial
trustees to whom the property must be paid or transferred in the order
named if the first designated custodial trustee is unable or unwilling to
serve.
(c) A designation under this section may be made by:
(1) making the designation in:
(A) a will;
(B) a trust;
(C) a deed;
(D) a multiple party account;
(E) an insurance policy;
(F) an instrument exercising a power of appointment; or
(G) a writing designating a beneficiary of contractual rights; or
(2) registering the designation with or delivering the designation
to the fiduciary, payor, issuer, or obligor of the future right.

Legislative History

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