(a) Unless otherwise directed by an instrument designating a custodial trustee under AS 13.60.020 , a person, including a fiduciary other than a custodial trustee, who holds property of or owes a debt to an incapacitated individual not having a conservator, may make a transfer to an adult member of the beneficiary's family or to a trust company as custodial trustee for the use and benefit of the incapacitated individual. If the value of the property or the debt exceeds $20,000, the transfer is not effective unless authorized by the court.
(b) A written acknowledgment of delivery, signed by a custodial trustee, is a sufficient receipt and discharge for property transferred to the custodial trustee under this section.
Section: Previous 13.60.010 13.60.020 13.60.030 13.60.040 13.60.050 13.60.060 13.60.070 13.60.080 13.60.090 13.60.100 13.60.110 13.60.120 13.60.130 13.60.140 13.60.150 NextLast modified: November 15, 2016