Transfer for use and benefit of incapacitated individual
Sec. 25. (a) Unless otherwise directed by an instrument
designating a custodial trustee under section 23 of this chapter, a
person, including a fiduciary other than a custodial trustee, who:
(1) holds property of; or
(2) owes a debt to;
an incapacitated individual 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 twenty thousand dollars ($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.
As added by P.L.3-2003, SEC.1.
Last modified: May 27, 2006