(a)  Beneficial interests in a custodial trust created for multiple beneficiaries are deemed to be separate custodial trusts of equal undivided interests for each beneficiary. Except in a transfer or declaration for use and benefit of husband and wife, for whom survivorship is presumed, a right of survivorship does not exist unless the instrument creating the custodial trust specifically provides for survivorship.

will 560x170

Need help with a review of a will?
Have it reviewed by a lawyer, get answers to your questions and move forward with confidence.
Connect with a lawyer now

Terms Used In Rhode Island General Laws 18-13-6

  • 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
  • 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 Rhode Island General Laws 18-13-1
  • 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 Rhode Island General Laws 18-13-1
  • Custodial trustee: means a person designated as trustee of a custodial trust under this chapter or a substitute or successor to the designated person. See Rhode Island General Laws 18-13-1
  • 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 account.

(c)  A custodial trustee of custodial trust property held for more than one beneficiary shall separately account to each beneficiary pursuant to § 18-13-7 and § 18-13-15 for the administration of the custodial trust.

History of Section.
P.L. 1988, ch. 623, § 1.