Rhode Island § 18-13-6 § 18-13-6. Multiple beneficiaries — Separate custodial trusts — Survivorship.

Rhode Island Statutes

§ 18-13-6 — § 18-13-6. Multiple beneficiaries — Separate custodial trusts — Survivorship.

Rhode Island·Title 18 Fiduciaries·Ch. 18-13 Rhode Island Uniform Custodial Trust Act

§ 18-13-6. Multiple beneficiaries — Separate custodial trusts — Survivorship.
(a) Beneficial interests in a custodial trust created for multiple beneficiaries are deemed
            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 instrument
            creating the custodial trust specifically provides for survivorship.
         
(b) Custodial trust property held under this chapter by the same custodial trustee for
            the use and benefit of the same 

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§ 18-13-6. Multiple beneficiaries — Separate custodial trusts — Survivorship.

(a) Beneficial interests in a custodial trust created for multiple beneficiaries are deemed 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 instrument creating the custodial trust specifically provides for survivorship.

(b) Custodial trust property held under this chapter by the same custodial trustee for the use and benefit of the same beneficiary may be administered as a single custodial account.

(c) A custodial trustee of custodial trust property held for more than one beneficiary shall separately account to each beneficiary pursuant to §§ 18-13-7 and 18-13-15 for the administration of the custodial trust.

Rhode Island § 18-13-6 (§ 18-13-6. Multiple beneficiaries — Separate custodial trusts — Survivorship.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.