Arizona Laws 14-9117. Distribution on termination
A. On the termination of a custodial trust, the custodial trustee shall transfer the unexpended custodial trust property:
Terms Used In Arizona Laws 14-9117
- Beneficiary: means an individual for whom property has been transferred to, or held under a declaration of trust by, a custodial trustee for the individual's use and benefit under this chapter. See Arizona Laws 14-9101
- 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
- Conservator: means a person who is appointed by a court to manage the estate of a protected person. See Arizona Laws 14-1201
- Court: means the superior court. See Arizona Laws 14-1201
- Custodial trust property: means an interest in property transferred to or held under a declaration of trust by a custodial trustee under this chapter and the income from and proceeds of that interest. See Arizona Laws 14-9101
- Custodial trustee: means a person who is designated as trustee of a custodial trust under this chapter or a substitute or successor to the person designated. See Arizona Laws 14-9101
- Distributee: means any person who has received property of a decedent from that person's personal representative other than as a creditor or purchaser. See Arizona Laws 14-1201
- Estate: includes the property of the decedent, trust or other person whose affairs are subject to this title as originally constituted and as it exists from time to time during administration. See Arizona Laws 14-1201
- Incapacitated: means lacking the ability to manage property and business affairs effectively by reason of mental illness, mental deficiency, physical illness or disability, chronic use of drugs, chronic intoxication, confinement, detention by a foreign power, disappearance, minority or other disabling cause. See Arizona Laws 14-9101
- Trust: includes an express trust, private or charitable, with any additions, wherever and however created. See Arizona Laws 14-1201
- Trustee: A person or institution holding and administering property in trust.
- Trustee: includes an original, additional or successor trustee, whether or not appointed or confirmed by the court. See Arizona Laws 14-1201
- Writing: includes printing. See Arizona Laws 1-215
1. To the beneficiary, if not incapacitated or deceased.
2. To the conservator or other recipient designated by the court for an incapacitated beneficiary.
3. On the beneficiary’s death, in the following order:
(a) As last directed in a writing signed by the deceased beneficiary while not incapacitated and received by the custodial trustee during the life of the deceased beneficiary.
(b) To the survivor of multiple beneficiaries if survivorship is provided for pursuant to Section 14-9106.
(c) As designated in the instrument creating the custodial trust.
(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. The 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.