(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 a married couple, for whom survivorship is presumed, a right of survivorship does not exist unless the instrument creating the custodial trust specifically provides for survivorship.
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Terms Used In Alaska Statutes 13.60.050

  • 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
  • property: includes real and personal property. See Alaska Statutes 01.10.060
  • 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.
(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 under Alaska Stat. § 13.60.060 and 13.60.140 for the administration of the custodial trust.
(d) The provisions of (b) of this section do not apply to a custodial trust established under Alaska Stat. § 13.12.212.
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