Section 7-501 Transfer of property; statutory custodianship trustee; revocability
[Text of section added by 2008, 521, Sec. 9 effective July 1, 2011. See 2008, 521, Sec. 44.]
Section 7-501. [Transfer of Property; Statutory Custodianship Trustee; Revocability.]
An adult person may, during his lifetime, transfer any property owned by him, in any manner otherwise consistent with law, to 1 or more named persons designated, in substance, as a “statutory custodianship trustee”. Such transfer shall be sufficient to create a trust upon the terms set forth in this part 5 as it is in effect at the date of the transfer without any further trust instrument or designation of terms and without appointment or qualification by any court, and shall be complete upon acceptance of the trust by the trustee or trustees manifested in any form. The trustee or trustees shall serve without giving bond or surety unless the transferor by written instrument, or the court upon the application of any person interested in the estate of the transferor and upon good cause shown, shall provide for a bond. All transfers in trust under this part 5 shall be revocable by the transferor at any time the transferor has legal capacity by a writing signed by the transferor and delivered to the person, or if more than 1 to any person serving as trustee.