Chapter 54, GUARDIANSHIPS AND CONSERVATORSHIPS

54.880 Use of custodial property. (1) A custodian may deliver or pay to the minor or expend for the minor’s benefit so much of the custodial property as the custodian considers advisable for the use and benefit of the minor, without court order and without regard to: (a) The duty…

54.882 Custodian’s expenses, compensation and bond. (1) A custodian is entitled to reimbursement from custodial property for reasonable expenses incurred in the performance of the custodian’s duties. (2) Except for a person who is a transferor under s. 54.860, a custodian has a n…

54.884 Exemption of 3rd person from liability. A 3rd person, in good faith and without court order, may act on the instructions of or otherwise deal with any person purporting to make a transfer or purporting to act in the capacity of a custodian and, in the absence of knowledge,…

54.886 Liability to 3rd persons. (1) A claim based on a contract entered into by a custodian acting in a custodial capacity, an obligation arising from the ownership or control of custodial property or a tort committed during the custodianship may be asserted against the custodia…

54.888 Renunciation, resignation, death or removal of custodian; designation of successor custodian. (1) A person nominated under s. 54.858 or designated under s. 54.870 as custodian may decline to serve by delivering a valid disclaimer under s. 854.13 to the person who made the …

54.890 Accounting by and determination of liability of custodian. (1) A minor who has attained the age of 14 years, the minor’s guardian of the person or legal representative, an adult member of the minor’s family, a transferor or a transferor’s legal representative may petition …

54.892 Termination of custodianship. The custodian shall transfer in an appropriate manner the custodial property to the minor or to the minor’s estate upon the earlier of: (1) The minor’s attainment of 21 years of age with respect to custodial property transferred under s. 54.86…

54.894 Applicability. Sections 54.854 to 54.898 apply to a transfer within the scope of s. 54.856 made after April 8, 1988, if: (1) The transfer purports to have been made under ss. 880.61 to 880.71, 1985 stats.; or (2) The instrument by which the transfer purports to have been m…

54.896 Effect on existing custodianships. (1) Any transfer of custodial property as defined in ss. 54.854 to 54.898 made before April 8, 1988, is validated notwithstanding that there was no specific authority in ss. 880.61 to 880.71, 1985 stats., for the coverage of custodial pro…

54.898 Uniformity of application and construction. Sections 54.854 to 54.898 shall be applied and construed to effectuate their general purpose to make uniform the law with respect to the subject of ss. 54.854 to 54.898 among states enacting it. History: 1987 a. 191; 2005 a. 387 …

54.92 Uniform securities ownership by minors act. (1) DEFINITIONS. In this section, unless the context otherwise requires: (a) “Bank” is a bank, trust company, national banking association, industrial bank or any banking institution incorporated under the laws of this state. (b) …

54.93 Securities ownership by incompetents and spendthrifts. (1) DEFINITIONS. (a) All definitions in s. 54.92 (1) (a) to (e) and (g) shall apply in this section, unless the context otherwise requires. (b) In this section, “3rd party” means a person other than a bank, broker, tran…

54.950 Definitions. In this subchapter: (1) “Adult” means an individual who is at least 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 individual’s use and benefi…

54.952 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 may …

54.954 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, …

54.956 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 subchapter upon the custodial trustee’s acceptance, express or implied, …

54.958 Transfer to custodial trustee by fiduciary or obligor; facility of payment. (1) Unless otherwise directed by an instrument designating a custodial trustee pursuant to s. 54.954, a person, including a fiduciary other than a custodial trustee, who holds property of or owes a…

54.960 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 declarati…

54.962 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 i…

54.964 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 rights …

54.966 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 benefici…

54.968 Determination of incapacity; effect. (1) The custodial trustee shall administer the custodial trust as for an incapacitated beneficiary if any of the following applies: (a) The custodial trust was created under s. 54.958. (b) The transferor has so directed in the instrumen…

54.970 Exemption of 3rd person from liability. A 3rd 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 knowl…

54.972 Liability to 3rd 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 custodial tru…

54.974 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 the de…

54.976 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, all of the following apply to a custodial trustee: (1) A custodial trustee is entitled…

54.978 Reporting and accounting by custodial trustee; determination of liability of custodial trustee. (1) (a) Upon the acceptance of custodial trust property, the custodial trustee shall provide a written statement describing the custodial trust property and shall thereafter pro…

54.980 Limitations of action against custodial trustee. (1) Except as provided in sub. (3), 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 …

54.982 Distribution on termination. (1) Upon termination of a custodial trust by the beneficiary or the beneficiary’s conservator or guardian of the estate, the custodial trustee shall transfer the unexpended custodial trust property as follows: (a) To the beneficiary, if not inc…

54.984 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 s. 54.952 are satisfied by any of the following: (a) The execution and eit…

54.986 Applicable law. 54.986(1)(1) Sections 54.950 to 54.988 apply to a transfer or declaration creating a custodial trust that refers to this subchapter if, at the time of the transfer or declaration, the transferor, beneficiary or custodial trustee is a resident of or has its …

54.988 Uniformity of application and construction. Sections 54.950 to 54.988 shall be applied and construed to effectuate its general purpose to make uniform the law with respect to the subject of this subchapter among states enacting it. History: 1991 a. 246; 2005 a. 387 s. 573;…