Section 30-2-8.6-29 - Distribution of custodial trust property(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:(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:(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 Funds withdrawn from, or checks written against, the account by the beneficiary are distributions of custodial trust property by the custodial trustee to the beneficiary.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.