Indiana Code 30-2-8.6-29. Distribution of custodial trust property
(1) pay to the beneficiary; or
Terms Used In Indiana Code 30-2-8.6-29
- 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
- incapacitated: has the meaning set forth in Indiana Code 30-2-8.6-10
- Property: includes personal and real property. See Indiana Code 1-1-4-5
- Trustee: A person or institution holding and administering property in trust.
so much or all of the custodial trust property as the beneficiary may direct from time to time.
(b) If the beneficiary is incapacitated, the custodial trustee, in the custodial trustee’s sole discretion, may expend so much or all of the custodial trust property as the custodial trustee considers advisable for the use and benefit of:
(1) the beneficiary; and
(2) individuals who:
(A) were supported by the beneficiary when the beneficiary became incapacitated; or
(B) are legally entitled to support by the beneficiary.
(c) The custodial trustee may make expenditures:
(1) in the manner;
(2) when; and
(3) to the extent;
that the custodial trustee determines suitable and proper. The custodial trustee may make expenditures without court order and without regard to other support, income, or property of the beneficiary.
(d) A custodial trustee may establish checking, savings, or other similar accounts of reasonable amounts under which:
(1) the custodial trustee; or
(2) the beneficiary;
may withdraw funds from, or draw checks against, the accounts. Funds withdrawn from, or checks written against, the account by the beneficiary are distributions of custodial trust property by the custodial trustee to the beneficiary.
As added by P.L.3-2003, SEC.1.