Title 68, TRUSTS AND FIDUCIARIES

68-1301. Definitions. As used in this chapter: (1) "Adult" means an individual who is at least eighteen (18) years of age. (2) "Beneficiary" means an individual for whom property has been transferred to or held under a declaration of trust by a custodial trustee for the individua…

68-1302. Custodial trust — General. (1) A person may create a custodial trust of property by a written transfer of the property to another person, evidenced by registration or by other instrument of transfer, executed in any lawful manner, naming as beneficiary, an individual who…

68-1303. Custodial trustee for future payment or transfer. (1) 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…

68-1304. Form and effect of receipt and acceptance by custodial trustee — Jurisdiction. (1) Obligations of a custodial trustee, including the obligation to follow directions of the beneficiary, arise under this chapter upon the custodial trustee’s acceptance, express or implied, …

68-1305. Transfer to custodial trustee by fiduciary or obligor — Facility of payment. (1) Unless otherwise directed by an instrument designating a custodial trustee pursuant to section 68-1303, Idaho Code, a person including a fiduciary other than a custodial trustee, who holds p…

68-1306. Multiple beneficiaries — Separate custodial trusts — Survivorship. (1) 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 decla…

68-1307. General duties of custodial trustee. (1) If appropriate, a custodial trustee shall register or record the instrument vesting title to custodial trust property. (2) If the beneficiary is not incapacitated, a custodial trustee shall follow the directions of the beneficiary…

68-1308. General powers of custodial trustee. (1) A custodial trustee, acting in a fiduciary capacity, has all the rights and powers over custodial trust property which an unmarried adult owner has over individually owned property, but a custodial trustee may exercise those right…

68-1309. Use of custodial trust property. (1) A custodial trustee shall pay to the beneficiary or expend for the beneficiary’s use and benefit so much or all of the custodial trust property as the beneficiary while not incapacitated may direct from time to time. (2) If the benefi…

68-1310. Determination of incapacity — Effect. (1) The custodial trustee shall administer the custodial trust as for an incapacitated beneficiary if (i) the custodial trust was created under section 68-1305, Idaho Code, (ii) the transferor has so directed in the instrument creati…

68-1311. Exemption of third person from liability. A third person in good faith and without a court order may act on instructions of, or otherwise deal with, a person purporting to make a transfer as, or purporting to act in the capacity of, a custodial trustee. In the absence of…

68-1312. Liability to third person. (1) 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 custodia…

68-1313. Declination, resignation, incapacity, death, or removal of custodial trustee — Designation of successor custodial trustee. (1) Before accepting the custodial trust property, a person designated as custodial trustee may decline to serve by notifying the person who made th…

68-1314. Expenses, compensation and bond of custodial trustee. 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…

68-1315. Reporting and accounting by custodial trustee — Determination of liability of custodial trustee. (1) Upon the acceptance of custodial trust property, the custodial trustee shall provide a written statement describing the custodial trust property and shall thereafter prov…

68-1316. Limitations of action against custodial trustee. (1) Except as provided in subsection (3) of this section, 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 …

68-1317. Distribution on termination. (1) Upon termination of a custodial trust, the custodial trustee shall transfer the unexpended custodial trust property: (a) To the beneficiary, if not incapacitated or deceased; (b) To the conservator or other recipient designated by the cou…

68-1318. Methods and forms for creating custodial trusts. (1) If a transaction, including a declaration with respect to or a transfer of specific property, otherwise satisfies applicable law, the criteria of section 68-1302, Idaho Code, are satisfied by: (a) The execution and eit…

68-1319. Applicable law. (1) 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 b…

68-1320. Uniformity of application and construction. This chapter shall be applied and construed to effectuate its general purpose to make uniform the law with respect to the subject of this chapter among states enacting it.

68-1321. Short title. This chapter may be cited as the "Idaho Uniform Custodial Trust Act."

68-1322. Severability. If any provision of this chapter or its application to any person or circumstance is held invalid, the invalidity does not affect other provisions or applications of this chapter which can be given effect without the invalid provision or application, and to…