(1) A person may create a custodial trust of property by a written transfer of the property to another person, evidenced by registration or by other instrument of transfer, executed in any lawful manner, naming as beneficiary, an individual who may be the transferor, in which the transferee is designated, in substance, as custodial trustee under the Idaho uniform custodial trust act.
(2)  A person may create a custodial trust of property by a written declaration, evidenced by registration of the property or by other instrument of declaration executed in any lawful manner, describing the property and naming as beneficiary an individual other than the declarant, in which the declarant as titleholder is designated, in substance, as custodial trustee under the Idaho uniform custodial trust act. A registration or other declaration of trust for the sole benefit of the declarant is not a custodial trust under this chapter.
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Terms Used In Idaho Code 68-1302

  • 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 Idaho Code 68-1301
  • Conservator: means a person appointed or qualified by a court to manage the estate of an individual or a person legally authorized to perform substantially the same functions. See Idaho Code 68-1301
  • 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 Idaho Code 68-1301
  • Custodial trustee: means a person designated as trustee of a custodial trust under this chapter or a substitute or successor to the person designated. See Idaho Code 68-1301
  • Incapacitated: means lacking the ability to manage property and business affairs effectively by reason of mental illness, mental disability, physical illness or disability, chronic use of drugs, chronic intoxication, confinement, detention by a foreign power, disappearance, minority, or other disabling cause. See Idaho Code 68-1301
  • Person: means an individual, corporation, business trust, estate, trust, partnership, joint venture, association, or any other legal or commercial entity. See Idaho Code 68-1301
  • Property: includes both real and personal property. See Idaho Code 73-114
  • Transferor: means a person who creates a custodial trust by transfer or declaration. See Idaho Code 68-1301
  • Trustee: A person or institution holding and administering property in trust.
(3)  Title to custodial trust property is in the custodial trustee and the beneficial interest is in the beneficiary.
(4)  Except as provided in subsection (5) of this section, a transferor may not terminate a custodial trust.
(5)  The beneficiary, if not incapacitated, or the conservator of an incapacitated beneficiary may terminate a custodial trust by delivering to the custodial trustee a writing signed by the beneficiary or conservator declaring the termination. If not previously terminated, the custodial trust terminates on the death of the beneficiary.
(6)  Any person may augment existing custodial trust property by the addition of other property pursuant to this chapter.
(7)  The transferor may designate, or authorize the designation of, a successor custodial trustee in the trust instrument.
(8)  This chapter does not displace or restrict other means of creating trusts. A trust whose terms do not conform to this chapter may be enforceable according to its terms under other law.