Indiana Code 30-2-8.6-19. Terminating a custodial trust
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Sec. 19. (a) Except as provided in subsection (b), a transferor may not terminate a custodial trust.
(b) A custodial trust may be terminated by the beneficiary if the beneficiary is not incapacitated. In order to terminate the trust, the beneficiary must deliver to the custodial trustee a writing that:
Terms Used In Indiana Code 30-2-8.6-19
- 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:
Indiana Code 30-2-8.6-6
- incapacitated: has the meaning set forth in Indiana Code 30-2-8.6-10
- transferor: means a person who creates a custodial trust by transfer or declaration. See Indiana Code 30-2-8.6-16
- Trustee: A person or institution holding and administering property in trust.
(1) is signed by the beneficiary; and
(2) declares the termination of the custodial trust.
(c) If not previously terminated, a custodial trust terminates on the death of the beneficiary.
As added by P.L.3-2003, SEC.1.