(a) A custodian is entitled to reimbursement from custodial property for reasonable expenses incurred in the performance of the custodian’s duties.
will 560x170

Ask a will, trust or estate question, get an answer ASAP!
Thousands of highly rated, verified estate & trust lawyers.
Click here to chat with a lawyer about your rights.

Terms Used In Alabama Code 35-5A-16

  • Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
  • property: includes both real and personal property. See Alabama Code 1-1-1
  • year: means a calendar year; but, whenever the word "year" is used in reference to any appropriations for the payment of money out of the treasury, it shall mean fiscal year. See Alabama Code 1-1-1
(b) Except for one who is a transferor under Section gift or exercise of power of appointment” class=”unlinked-ref” datatype=”S” sessionyear=”2020″ statecd=”AL” title=”35″>35-5A-5, a custodian has a noncumulative election during each calendar year to charge reasonable compensation for services performed during that year.
(c) Except as provided in subsection (f) of Section 35-5A-19, a custodian need not give a bond.
  Previous section
Next section  
 Chapter 5A Contents