Current as of January 01, 2019 | Updated by FindLaw Staff
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(a) Unless otherwise directed by an instrument designating a custodial trustee pursuant to § 18-13-3, 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 transfer to an adult member of the beneficiary's family or to a trust company as custodial trustee for the use and benefit of the incapacitated individual. If the value of the property or the debt exceeds twenty thousand dollars ($20,000), the transfer is not effective unless authorized by the court.
(b) A written acknowledgment of delivery, signed by a custodial trustee, is a sufficient receipt and discharge for property transferred to the custodial trustee pursuant to this section.
Cite this article: FindLaw.com - Rhode Island General Laws Title 18. Fiduciaries § 18-13-5. Transfer to custodial trustee by fiduciary or obligor--Facility of payment - last updated January 01, 2019 | https://codes.findlaw.com/ri/title-18-fiduciaries/ri-gen-laws-sect-18-13-5/
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