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Indiana Code Title 30. Trusts and Fiduciaries § 30-2-8.6-18

Current as of January 02, 2024 | Updated by Findlaw Staff

Sec. 18. (a) A person may create a custodial trust of property by a written transfer of the property to another person, evidenced by registration of the property or by an instrument of transfer that:

(1) is executed in any lawful manner;

(2) names an individual as beneficiary who may be the transferor;  and

(3) in substance, designates the transferee to be the custodial trustee of the property under this chapter.

(b) A person may create a custodial trust of property by a written declaration evidenced by registration of the property or by another instrument of declaration that:

(1) is executed in any lawful manner;

(2) describes the property;

(3) names as beneficiary an individual other than the declarant;  and

(4) in substance, designates the declarant, who is also the titleholder of the property, to be the custodial trustee of the property under this chapter.

(c) A registration or other declaration of trust for the sole benefit of the declarant is not a custodial trust under this chapter.

(d) Title to custodial trust property is in the custodial trustee and the beneficial interest is in the beneficiary.

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Cite this article: FindLaw.com - Indiana Code Title 30. Trusts and Fiduciaries § 30-2-8.6-18 - last updated January 02, 2024 | https://codes.findlaw.com/in/title-30-trusts-and-fiduciaries/in-code-sect-30-2-8-6-18/

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