Sec. 29. (a) If a beneficiary is not incapacitated, the custodial trustee shall:
(1) pay to the beneficiary; or
(2) expend for the beneficiary's use and benefit;
so much or all of the custodial trust property as the beneficiary may direct from time to time.
(b) If the beneficiary is incapacitated, the custodial trustee, in the custodial trustee's sole discretion, may expend so much or all of the custodial trust property as the custodial trustee considers advisable for the use and benefit of:
(1) the beneficiary; and
(2) individuals who:
(A) were supported by the beneficiary when the beneficiary became incapacitated; or
(B) are legally entitled to support by the beneficiary.
(c) The custodial trustee may make expenditures:
(1) in the manner;
(2) when; and
(3) to the extent;
that the custodial trustee determines suitable and proper. The custodial trustee may make expenditures without court order and without regard to other support, income, or property of the beneficiary.
(d) A custodial trustee may establish checking, savings, or other similar accounts of reasonable amounts under which:
(1) the custodial trustee; or
(2) 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 Funds withdrawn from, or checks written against, the account by the beneficiary are distributions of custodial trust property by the custodial trustee to the beneficiary.
As added by P.L.3-2003, SEC.1.
Structure Indiana Code
Title 30. Trusts and Fiduciaries
Chapter 8.6. Uniform Custodial Trust Act
30-2-8.6-2. Transfer Under Other State's Law; Enforcement
30-2-8.6-7. "Custodial Trust Property"
30-2-8.6-8. "Custodial Trustee"
30-2-8.6-11. "Legal Representative"
30-2-8.6-12. "Member of the Beneficiary's Family"
30-2-8.6-14. "Personal Representative"
30-2-8.6-18. Creating a Custodial Trust
30-2-8.6-19. Terminating a Custodial Trust
30-2-8.6-20. Adding Trust Property
30-2-8.6-21. Successor Custodial Trustee
30-2-8.6-22. Creation and Enforcement of Trust Under Other Law
30-2-8.6-23. Custodial Trust Upon Occurrence of Future Event
30-2-8.6-24. Custodial Trustee's Acceptance of Trust Property
30-2-8.6-25. Transfer for Use and Benefit of Incapacitated Individual
30-2-8.6-26. Multiple Beneficiaries
30-2-8.6-27. Custodial Trustee's Powers and Duties
30-2-8.6-28. Rights and Powers
30-2-8.6-29. Distribution of Custodial Trust Property
30-2-8.6-30. Administering Custodial Trust for Incapacitated Beneficiary
30-2-8.6-31. Reliance on Person Purporting to Be Custodial Trustee
30-2-8.6-32. Claim by Third Person Against Custodial Trustee
30-2-8.6-33. Resigning or Declining to Serve as Custodial Trustee
30-2-8.6-34. Compensation of Custodial Trustee
30-2-8.6-35. Written Statement of Trust Administration; Petition for Accounting
30-2-8.6-36. Claim Against Custodial Trustee's Claim Barred Against Other Parties
30-2-8.6-37. Termination of a Custodial Trust