[554B-6] Multiple beneficiaries, separate custodial trusts, survivorship. (a) Beneficial interests in a custodial trust created for multiple beneficiaries are deemed to be separate custodial trusts of equal undivided interests for each beneficiary. Except in transfers for benefit of husband and wife, for whom survivorship is presumed, no right of survivorship exists unless the writing creating the custodial trust specifically provides for survivorship. (Or as is required as to community property.)

(b) Custodial trust property held under this chapter by the same custodial trustee for the benefit of the same beneficiary may be administered as a single custodial trust.

(c) A custodial trustee of property held for more than one beneficiary shall separately account to each beneficiary as provided in sections 554B-7 and 554B-15 for the administration of the custodial trust. [L 1989, c 76, pt of 1]

 

 

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