Indiana Code 30-2-8.6-37. Termination of a custodial trust
(1) to the beneficiary, if not incapacitated or deceased;
Terms Used In Indiana Code 30-2-8.6-37
- 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
- Trustee: A person or institution holding and administering property in trust.
(3) upon the beneficiary’s death, in the following order:
(A) as last directed in a writing:
(i) signed by the deceased beneficiary while not incapacitated; and
(ii) received by the custodial trustee during the life of the deceased beneficiary;
(B) to the survivor of multiple beneficiaries if survivorship is provided for under section 26 of this chapter;
(C) as designated in the instrument creating the custodial trust; or
(D) to the estate of the deceased beneficiary.
(b) If, when the custodial trust would otherwise terminate, the distributee is incapacitated, the custodial trust continues for the use and benefit of the distributee as beneficiary until the incapacity is removed or the custodial trust is otherwise terminated.
(c) Death of a beneficiary does not terminate the power of the custodial trustee to discharge obligations of the custodial trustee or beneficiary incurred before the termination of the custodial trust.
As added by P.L.3-2003, SEC.1.