14-9106. 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 or survivorship is
required as to community or marital property.
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
trust.
C. A custodial trustee of custodial trust property held for more than one
beneficiary shall separately account to each beneficiary pursuant to sections 14-9107 and
14-9115 for the administration of the custodial trust.
|