North Carolina General Statutes 33B-6. Single beneficiaries; separate custodial trusts
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(a) Beneficial interests in a custodial trust may not be created for multiple beneficiaries.
(b) All custodial trust property held under this act by the same custodial trustee for the use and benefit of a single beneficiary may be administered as a single custodial trust. (1995, c. 486, s. 1.)
Terms Used In North Carolina General Statutes 33B-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
- property: shall include all property, both real and personal. See North Carolina General Statutes 12-3
- Trustee: A person or institution holding and administering property in trust.