Title 14 — Trusts, Estates and Protective Proceedings

In this title, unless the context otherwise requires: 1. "Beneficiary" means an individual for whom property has been transferred to, or held under a declaration of trust by, a custodial trustee for the individual's use and benefit under this chapter. 2. "Conservator" means a per…

A. A person may create a custodial trust of property by a written transfer of the property to another person that is evidenced by registration or by another instrument of transfer, that is executed in any lawful manner, that names as beneficiary an individual who may be the trans…

A. A person having the right to designate the recipient of property payable or transferable on a future event may create a custodial trust on the occurrence of the future event by designating in writing the recipient, followed in substance by: "as custodial trustee for __________…

A. Obligations of a custodial trustee, including the obligation to follow directions of the beneficiary, arise under this chapter on the custodial trustee's acceptance, express or implied, of the custodial trust property. B. The custodial trustee's acceptance may be evidenced by …

A. Unless otherwise directed by an instrument designating a custodial trustee pursuant to section 14-9103, 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 trans…

A. Beneficial interests in a custodial trust created for multiple beneficiaries are deemed to be separate custodial trusts of equal undivided interests for each beneficiary. Except in a transfer or declaration for use and benefit of husband and wife, for whom survivorship is pres…

A. If appropriate, a custodial trustee shall register or record the instrument vesting title to custodial trust property. B. If the beneficiary is not incapacitated, a custodial trustee shall follow the directions of the beneficiary in the management, control, investment or reten…

A. A custodial trustee, acting in a fiduciary capacity, has all the rights and powers over custodial trust property that an unmarried adult owner has over individually owned property, but a custodial trustee may exercise those rights and powers in a fiduciary capacity only. B. Th…

A. A custodial trustee shall pay to the beneficiary or expend for the beneficiary's use and benefit as much or all of the custodial trust property as the beneficiary while not incapacitated may direct from time to time. B. If the beneficiary is incapacitated, the custodial truste…

A. The custodial trustee shall administer the custodial trust as for an incapacitated beneficiary if either: 1. The custodial trust was created under section 14-9105. 2. The transferor has so directed in the instrument creating the custodial trust. 3. The custodial trustee has de…

A third person in good faith and without a court order may act on the instructions of or otherwise deal with a person who is purporting to make a transfer as or to act in the capacity of a custodial trustee. In the absence of knowledge to the contrary, the third person is not res…

A. A claim based on a contract entered into by a custodial trustee acting in a fiduciary capacity, an obligation arising from the ownership or control of custodial trust property or a tort committed in the course of administering the custodial trust may be asserted by a third per…

A. Before accepting the custodial trust property, a person designated as custodial trustee may decline to serve by notifying the person who made the designation, the transferor or the transferor's legal representative. If an event giving rise to a transfer has not occurred, the s…

Except as otherwise provided in the instrument creating the custodial trust, in an agreement with the beneficiary or by court order, a custodial trustee: 1. Is entitled to reimbursement from custodial trust property for reasonable expenses incurred in the performance of fiduciary…

A. On the acceptance of custodial trust property, the custodial trustee shall provide a written statement describing the custodial trust property and shall thereafter provide a written statement of the administration of the custodial trust property: 1. Once each year. 2. On reque…

A. Except as provided in subsection C, unless previously barred by adjudication, consent or limitation, a claim for relief against a custodial trustee for accounting or breach of duty is barred as to a beneficiary, a person to whom custodial trust property is to be paid or delive…

A. On the termination of a custodial trust, the custodial trustee shall transfer the unexpended custodial trust property: 1. To the beneficiary, if not incapacitated or deceased. 2. To the conservator or other recipient designated by the court for an incapacitated beneficiary. 3.…

A. If a transaction, including a declaration with respect to or a transfer of specific property, otherwise satisfies applicable law, the criteria of section 14-9102 are satisfied by either: 1. The execution and either delivery to the custodial trustee or recording of an instrumen…

A. This chapter applies to a transfer or declaration creating a custodial trust that refers to this chapter if, at the time of the transfer or declaration, the transferor, beneficiary or custodial trustee is a resident of or has its principal place of business in this state or cu…