(a) A person having the right to designate the recipient of property payable or transferable upon a future event may create a custodial trust upon 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 District of Columbia’s Uniform Custodial Trust Act.”
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(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. If the designation is not made in one of the foregoing ways, the designation must be registered with or delivered to the fiduciary, payor, issuer, or obligor of the future right in order to be effective.
(July 23, 2002, D.C. Law 14-177, § 2(b), 49 DCR 5092.)
This section is referenced in § 19-1105 and § 19-1113.
Structure District of Columbia Code
Title 19 - Descent, Distribution, and Trusts. [Enacted title]
Chapter 11 - Custodial Trusts; Uniform Law
§ 19–1102. Custodial trust; general
§ 19–1103. Custodial trustee for future payment or transfer
§ 19–1104. Form and effect of receipt and acceptance by custodial trustee; jurisdiction
§ 19–1105. Transfer to custodial trustee by fiduciary or obligor; facility of payment
§ 19–1106. Multiple beneficiaries; separate custodial trusts; survivorship
§ 19–1107. General duties of custodial trustee
§ 19–1108. General powers of custodial trustee
§ 19–1109. Use of custodial trust property
§ 19–1110. Determination of incapacity; effect
§ 19–1111. Exemption of third person from liability
§ 19–1112. Liability to third person
§ 19–1114. Expenses, compensation, and bond of custodial trustee
§ 19–1116. Limitations of action against custodial trustee
§ 19–1117. Distribution on termination