Section 30-2-8.6-30 - Administering custodial trust for incapacitated beneficiary(a) The custodial trustee shall administer the custodial trust as for an incapacitated beneficiary if: (1) the custodial trust was created under section 25 of this chapter;(2) the transferor has so directed in the instrument creating the custodial trust; or(3) the custodial trustee has determined that the beneficiary is incapacitated.(b) A custodial trustee may determine that the beneficiary is incapacitated in reliance upon: (1) previous direction or authority given by the beneficiary while not incapacitated, including direction or authority under a durable power of attorney;(2) the certificate of the beneficiary's physician; or(3) other persuasive evidence.(c) If a custodial trustee for an incapacitated beneficiary reasonably concludes that: (1) the beneficiary's incapacity has ceased; or(2) circumstances concerning the beneficiary's ability to manage property and business affairs have changed since the creation of a custodial trust directing administration as for an incapacitated beneficiary; the custodial trustee may administer the trust as for a beneficiary who is not incapacitated.
(d) Upon the petition of: (2) the custodial trustee; or(3) another person interested in: (A) the custodial trust property; or(B) the welfare of the beneficiary; the court shall determine whether the beneficiary is incapacitated.
(e) If:(1) the custodial trustee or a court has not determined that a beneficiary is incapacitated under subsection (b) or (d); and(2) the custodial trustee has reason to believe that the beneficiary is incapacitated; the custodial trustee shall administer the custodial trust in accordance with the provisions of this chapter applicable to an incapacitated beneficiary.
(f) Incapacity of a beneficiary does not terminate: (2) any designation of a successor custodial trustee;(3) rights or powers of the custodial trustee; or(4) any immunities of third persons acting on the instructions of the custodial trustee.As added by P.L. 3-2003, SEC.1.