14-9103
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14-9103. Custodial trustee for future payment or transfer A. A person having the right to designate the recipient of property payable or transferable on a future event may create a custodial trust on the occurrence of the future event by designating in writing the recipient, followed in substance by: "as custodial trustee for _______________ (name of beneficiary) under the Uniform Custodial Trust Act pursuant to title 14, chapter 9, Arizona Revised Statutes". B. Persons may be designated as substitute or successor custodial trustees to whom the property must be paid or transferred in the order named if the first designated custodial trustee is unable or unwilling to serve. C. A designation under this section may be made in a will, a trust, a deed, a multiple-party account, an insurance policy, an instrument exercising a power of appointment or a writing designating a beneficiary of contractual rights. Otherwise, to be effective, the designation must be registered with or delivered to the fiduciary, payor, issuer or obligor of the future right. |