Custodial trust upon occurrence of future event
Sec. 23. (a) A person having the right to designate the recipient of
property payable or transferable upon a future event may create a
custodial trust upon the occurrence of the future event by designating
in writing the recipient, followed in substance by: "as custodial
trustee for _______________ (name of beneficiary) under the
Indiana uniform custodial trust act".
(b) Persons may be designated as substitute or successor custodial
trustees to whom the property must be paid or transferred in the order
named if the first designated custodial trustee is unable or unwilling
to serve.
(c) A designation under this section may be made by:
(1) making the designation in:
(A) a will;
(B) a trust;
(C) a deed;
(D) a multiple party account;
(E) an insurance policy;
(F) an instrument exercising a power of appointment; or
(G) a writing designating a beneficiary of contractual rights;
or
(2) registering the designation with or delivering the
designation to the fiduciary, payor, issuer, or obligor of the
future right.
As added by P.L.3-2003, SEC.1.
Last modified: May 27, 2006