Sec. 13.60.020. Custodial trustee for future payment or transfer.
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Sec. 13.60.020. Custodial trustee for future payment or transfer.
(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 Alaska Uniform Custodial Trust Act.”
(b)A person may be designated as substitute or successor custodial trustee to whom the property shall 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. Otherwise, to be effective, the designation must be registered with or delivered to the fiduciary, payor, issuer, or obligor of the future right.