§ 18-13-3 - Custodial trustee for future payment or transfer. - Rhode-island Statutes

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Statutes > Rhode-island > Title-18 > Chapter-18-13 > 18-13-3

SECTION 18-13-3

§ 18-13-3 Custodial trustee for futurepayment or transfer. – (a) A person having the right to designate the recipient of property payable ortransferable upon a future event may create a custodial trust upon theoccurrence of the future event by designating in writing the recipient,followed in substance by "as custodial trustee for ]]]]]]]] (name ofbeneficiary) under the Rhode Island Uniform Custodial Trust Act".

(b) Persons may be designated as substitute or successorcustodial trustees to whom the property must be paid or transferred in theorder named if the first designated trustee is unable or unwilling to serve.

(c) A designation under this section may be made in a will, atrust, a deed, a multi-party account, an insurance policy, an instrumentexercising a power of appointment, or a writing designating a beneficiary ofcontractual rights. Otherwise, to be effective, the designation must beregistered with or delivered to the fiduciary, payor, issuer, or obligor of thefuture right.

State Codes and Statutes

Statutes > Rhode-island > Title-18 > Chapter-18-13 > 18-13-3

SECTION 18-13-3

§ 18-13-3 Custodial trustee for futurepayment or transfer. – (a) A person having the right to designate the recipient of property payable ortransferable upon a future event may create a custodial trust upon theoccurrence of the future event by designating in writing the recipient,followed in substance by "as custodial trustee for ]]]]]]]] (name ofbeneficiary) under the Rhode Island Uniform Custodial Trust Act".

(b) Persons may be designated as substitute or successorcustodial trustees to whom the property must be paid or transferred in theorder named if the first designated trustee is unable or unwilling to serve.

(c) A designation under this section may be made in a will, atrust, a deed, a multi-party account, an insurance policy, an instrumentexercising a power of appointment, or a writing designating a beneficiary ofcontractual rights. Otherwise, to be effective, the designation must beregistered with or delivered to the fiduciary, payor, issuer, or obligor of thefuture right.

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State Codes and Statutes

Statutes > Rhode-island > Title-18 > Chapter-18-13 > 18-13-3

SECTION 18-13-3

§ 18-13-3 Custodial trustee for futurepayment or transfer. – (a) A person having the right to designate the recipient of property payable ortransferable upon a future event may create a custodial trust upon theoccurrence of the future event by designating in writing the recipient,followed in substance by "as custodial trustee for ]]]]]]]] (name ofbeneficiary) under the Rhode Island Uniform Custodial Trust Act".

(b) Persons may be designated as substitute or successorcustodial trustees to whom the property must be paid or transferred in theorder named if the first designated trustee is unable or unwilling to serve.

(c) A designation under this section may be made in a will, atrust, a deed, a multi-party account, an insurance policy, an instrumentexercising a power of appointment, or a writing designating a beneficiary ofcontractual rights. Otherwise, to be effective, the designation must beregistered with or delivered to the fiduciary, payor, issuer, or obligor of thefuture right.