(a) A custodial trustee shall pay to the beneficiary or expend for the beneficiary's use and benefit so much or all of the custodial trust property as the beneficiary while not incapacitated may direct from time to time.
(b) If the beneficiary is incapacitated, the custodial trustee shall expend so much or all of the custodial trust property as the custodial trustee considers advisable for the use and benefit of the beneficiary and individuals who were supported by the beneficiary when the beneficiary became incapacitated, or who are legally entitled to support by the beneficiary. Expenditures may be made in the manner, when, and to the extent that the custodial trustee determines suitable and proper, without court order and without regard to other support, income, or property of the beneficiary.
(c) A custodial trustee may establish checking, savings, or other similar accounts of reasonable amounts under which either the custodial trustee or the beneficiary may withdraw funds from, or draw checks against, the accounts. Funds withdrawn from, or checks written against, the account by the beneficiary are distributions of custodial trust property by the custodial trustee to the beneficiary.
Structure Arkansas Code
Title 28 - Wills, Estates, and Fiduciary Relationships
Subtitle 5 - Fiduciary Relationships
Chapter 72 - Particular Trusts
Subchapter 4 - Arkansas Custodial Trust Act
§ 28-72-402. Custodial trust — General
§ 28-72-403. Custodial trustee for future payment or transfer
§ 28-72-404. Form and effect of receipt and acceptance by custodial trustee — Jurisdiction
§ 28-72-405. Transfer to custodial trustee by fiduciary or obligor — Facility of payment
§ 28-72-406. Multiple beneficiaries — Separate custodial trusts — Survivorship
§ 28-72-407. General duties of custodial trustee
§ 28-72-408. General powers of custodial trustee
§ 28-72-409. Use of custodial trust property
§ 28-72-410. Determination of incapacity — Effect
§ 28-72-411. Exemption of third person from liability
§ 28-72-412. Liability to third person
§ 28-72-414. Expenses, compensation, and bond of custodial trustee
§ 28-72-416. Limitations of action against custodial trustee
§ 28-72-417. Distribution on termination
§ 28-72-418. Methods and forms for creating custodial trusts