Section 13.60.050. Multiple beneficiaries; separate custodial trusts; survivorship.

   (a) Beneficial interests in a custodial trust created for multiple beneficiaries are considered to be separate custodial trusts of equal undivided interests for each beneficiary. Except in a transfer or declaration for use and benefit of a married couple, for whom survivorship is presumed, a right of survivorship does not exist unless the instrument creating the custodial trust specifically provides for survivorship.
   (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 trust.
   (c) A custodial trustee of custodial trust property held for more than one beneficiary shall separately account to each beneficiary under AS 13.60.060 and 13.60.140 for the administration of the custodial trust.
   (d) The provisions of (b) of this section do not apply to a custodial trust established under AS 13.12.212.

Authorities

13.60.160

Notes

References

AS 13.60.160 Distribution and termination.

History

(Sec. 1 ch 10 SLA 1994; am Sec. 14 ch 75 SLA 1996)