Arizona Laws 14-9115. Reporting and accounting by custodial trustee; determination of liability of custodial trustee
A. On the acceptance of custodial trust property, the custodial trustee shall provide a written statement describing the custodial trust property and shall thereafter provide a written statement of the administration of the custodial trust property:
Terms Used In Arizona Laws 14-9115
- Action: includes any matter or proceeding in a court, civil or criminal. See Arizona Laws 1-215
- Adult: means a person who has attained eighteen years of age. See Arizona Laws 1-215
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- 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 benefit under this chapter. See Arizona Laws 14-9101
- Court: means the superior court. See Arizona Laws 14-1201
- Custodial trust property: means an interest in property transferred to or held under a declaration of trust by a custodial trustee under this chapter and the income from and proceeds of that interest. See Arizona Laws 14-9101
- Custodial trustee: means a person who is designated as trustee of a custodial trust under this chapter or a substitute or successor to the person designated. See Arizona Laws 14-9101
- Legal representative: means a personal representative or conservator. See Arizona Laws 14-9101
- Person: means an individual or an organization. See Arizona Laws 14-1201
- Petition: means a written request to the court for an order after notice. See Arizona Laws 14-1201
- Proceeding: includes action at law and suit in equity. See Arizona Laws 14-1201
- Property: includes both real and personal property. See Arizona Laws 1-215
- Trust: includes an express trust, private or charitable, with any additions, wherever and however created. See Arizona Laws 14-1201
- Trustee: A person or institution holding and administering property in trust.
- Trustee: includes an original, additional or successor trustee, whether or not appointed or confirmed by the court. See Arizona Laws 14-1201
1. Once each year.
2. On request at reasonable times by the beneficiary or the beneficiary‘s legal representative.
3. On resignation or removal of the custodial trustee.
4. On termination of the custodial trust. The statements must be provided to the beneficiary or to the beneficiary’s legal representative, if any. On termination of the beneficiary’s interest, the custodial trustee shall furnish a current statement to the person to whom the custodial trust property is to be delivered.
B. A beneficiary, the beneficiary’s legal representative, an adult member of the beneficiary’s family, a person interested in the custodial trust property or a person interested in the welfare of the beneficiary may petition the court for an accounting by the custodial trustee or the custodial trustee’s legal representative.
C. A successor custodial trustee may petition the court for an accounting by a predecessor custodial trustee.
D. In an action or proceeding under this chapter or in any other proceeding, the court may require or permit the custodial trustee or the custodial trustee’s legal representative to account. The custodial trustee or the custodial trustee’s legal representative may petition the court for approval of final accounts.
E. If a custodial trustee is removed, the court shall require an accounting and order delivery of the custodial trust property and records to the successor custodial trustee and the execution of all instruments required for transfer of the custodial trust property.
F. On petition of the custodial trustee or any person who could petition for an accounting, the court, after notice to interested persons, may issue instructions to the custodial trustee or review the propriety of the acts of a custodial trustee or the reasonableness of compensation determined by the custodial trustee for the services of the custodial trustee or others.