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Alaska Statutes (Last Updated: January 11, 2017) |
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Title 06. BANKS AND FINANCIAL INSTITUTIONS. |
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Chapter 06.65. ALASKA SAVINGS PROGRAM FOR ELIGIBLE INDIVIDUALS [EFFECTIVE NOVEMBER 4, 2016]. |
Section 06.65.110. Representative of eligible individual.
Latest version.
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(a) A person may act as the representative of an eligible individual under this chapter if the eligible individual is a minor or lacks decision-making capacity and if the person is
(1) a parent, guardian, or conservator of the eligible individual; in this paragraph,
(A) "conservator" has the meaning given in AS 13.06.050;
(B) "guardian" has the meaning given in AS 13.06.050;
(C) "parent" includes a stepparent; or
(2) a trustee of the property of the eligible individual.
(b) The representative of an eligible individual may establish a program account for the eligible individual, and the eligible individual is the designated beneficiary of the program account. The representative shall manage the program account for the benefit of the designated beneficiary.
(c) In this section, "decision-making capacity" means the ability to understand and appreciate the nature and consequences of a decision and the ability to reach and communicate an informed decision.
Authorities
6.65.390