Indiana Code 30-2-8.6-18. Creating a custodial trust
(1) is executed in any lawful manner;
Terms Used In Indiana Code 30-2-8.6-18
- 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
- person: means an individual, corporation, business trust, estate, trust, partnership, joint venture, association, or any other legal or commercial entity. See Indiana Code 30-2-8.6-13
- Property: includes personal and real property. See Indiana Code 1-1-4-5
- transferor: means a person who creates a custodial trust by transfer or declaration. See Indiana Code 30-2-8.6-16
- Trustee: A person or institution holding and administering property in trust.
(3) in substance, designates the transferee to be the custodial trustee of the property under this chapter.
(b) A person may create a custodial trust of property by a written declaration evidenced by registration of the property or by another instrument of declaration that:
(1) is executed in any lawful manner;
(2) describes the property;
(3) names as beneficiary an individual other than the declarant; and
(4) in substance, designates the declarant, who is also the titleholder of the property, to be the custodial trustee of the property under this chapter.
(c) A registration or other declaration of trust for the sole benefit of the declarant is not a custodial trust under this chapter.
(d) Title to custodial trust property is in the custodial trustee and the beneficial interest is in the beneficiary.
As added by P.L.3-2003, SEC.1.