§ 18-13-9 - Use of custodial trust property.
SECTION 18-13-9
§ 18-13-9 Use of custodial trust property.– (a) A custodial trustee shall pay to the beneficiary or expend for thebeneficiary's use and benefit as much or all of the custodial trust property asthe beneficiary, while not incapacitated, may direct from time to time.
(b) If the beneficiary is incapacitated, the custodialtrustee shall expend as much or all of the custodial trust property as thecustodial trustee considers advisable for the use and benefit of thebeneficiary and individuals who were supported by the beneficiary when thebeneficiary became incapacitated, or who are legally entitled to support by thebeneficiary. Expenditures may be made in the manner, when, and to the extentthat the custodial trustee determines suitable and proper, without court orderand without regard to other support, income, or property of the beneficiary.
(c) A custodial trustee may establish checking, savings, orother similar accounts of reasonable amounts under which either the custodialtrustee or the beneficiary may withdraw funds from, or draw checks against, theaccounts. Funds withdrawn from, or checks written against, the account by thebeneficiary are distributions of custodial trust property by the custodialtrustee to the beneficiary.