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Arizona Revised Statutes Title 14. Trusts, Estates and Protective Proceedings § 14-9117. Distribution on termination

Current as of March 08, 2022 | Updated by FindLaw Staff

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. On the beneficiary's death, in the following order:

(a) As last directed in a writing signed by the deceased beneficiary while not incapacitated and received by the custodial trustee during the life of the deceased beneficiary.

(b) To the survivor of multiple beneficiaries if survivorship is provided for pursuant to § 14-9106.

(c) As designated in the instrument creating the custodial trust.

(d) To the estate of the deceased beneficiary.

B. If, when the custodial trust would otherwise terminate, the distributee is incapacitated, the custodial trust continues for the use and benefit of the distributee as beneficiary until the incapacity is removed or the custodial trust is otherwise terminated.

C. The death of a beneficiary does not terminate the power of the custodial trustee to discharge obligations of the custodial trustee or beneficiary incurred before the termination of the custodial trust.

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Cite this article: FindLaw.com - Arizona Revised Statutes Title 14. Trusts, Estates and Protective Proceedings § 14-9117. Distribution on termination - last updated March 08, 2022 | https://codes.findlaw.com/az/title-14-trusts-estates-and-protective-proceedings/az-rev-st-sect-14-9117/

Read this complete Arizona Revised Statutes Title 14. Trusts, Estates and Protective Proceedings § 14-9117. Distribution on termination on Westlaw

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