Indiana Code 30-2-8.6-26. Multiple beneficiaries
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Sec. 26. (a) Beneficial interests in a custodial trust created for multiple beneficiaries are considered 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.
(c) A custodial trustee of custodial trust property held for at least two (2) beneficiaries shall separately account to each beneficiary under sections 27 and 35 of this chapter for the administration of the custodial trust.
(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.
Terms Used In Indiana Code 30-2-8.6-26
- beneficiary: means an individual for whom property:
Indiana Code 30-2-8.6-6
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- custodial trust property: means the following:
Indiana Code 30-2-8.6-7
- custodial trustee: means a person designated as:
Indiana Code 30-2-8.6-8
- Property: includes personal and real property. See Indiana Code 1-1-4-5
- Right of survivorship: The ownership rights that result in the acquisition of title to property by reason of having survived other co-owners.
- Trustee: A person or institution holding and administering property in trust.
(d) The custodial trust property or the income from the custodial trust property may not be subject to:
(1) anticipation;
(2) alienation;
(3) assignment;
(4) pledge;
(5) appointment; or
(6) any other voluntary or involuntary transfer;
before distribution by the custodial trustee. The custodial trustee may disregard and defeat an attempt to violate the requirements of this subsection.
As added by P.L.3-2003, SEC.1.