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28-72-403. Custodial trustee for future payment or transfer.
Arkansas Code — all titles (historical 2020) · legal_authorities
28-72-403. 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 Arkansas Custodial Trust Act, § 28-72-401 et seq.”
(b) Persons may be designated as substitute or successor custodial trustees to whom the property must 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.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 28-72-403
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. A text match is a research starting point; applicability is not established.
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Stable record: arkansas_code:legal_authorities:28-72-403
Source file: gov.ar.code.title.28.odt
Pages: Not recorded – Not recorded
Passage SHA-256: aa67bf1d64be2125177b0ab803e2ba7c5bf5ccc4470731fa8acdc22ea621a151
Source location: content.xml paragraph 12419
Stored source content
28-72-403. 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 Arkansas Custodial Trust Act, § 28-72-401 et seq.”
(b) Persons may be designated as substitute or successor custodial trustees to whom the property must 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.
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Arkansas Code — all titles (historical 2020) · legal_authorities
28-72-401. Definitions.
As used in this subchapter:
(1) “Adult” means an individual who is at least eighteen (18) years of age.
(2) “Beneficiary” means an individual for whom property has been transferred to or held under a declaration of trust by a custodial trustee for the individual's use and benefit under this subchapter.
(3) “Conservator” means a person appointed or qualified by a court to manage the estate of an individual or a person legally authorized to perform substantially the same functions.
(4) “Court” means the circuit court of the appropriate county of this state.
(5) “Custodial trust property” means an interest in property transferred to or held under a declaration of trust by a custodial trustee under this subchapter and the income from the proceeds of that interest.
(6) “Custodial trustee” means a person designated as trustee of a custodial trust under this subchapter or a substitute or successor to the person designated.
(7) “Guardian” means a person appointed or qualified by a court as a guardian of an individual, including a limited guardian, but not a person who is only a guardian ad litem.
(8) “Incapacitated” means lacking the ability to manage property and business affairs effectively by reason of mental illness, mental deficiency, physical illness or disability, chronic use of drugs, chronic intoxication, confinement, detention by a foreign power, disappearance, minority, or other disabling cause.
(9) “Legal representative” means a personal representative or conservator.
(10) “Member of the beneficiary's family” means a beneficiary's spouse, descendant, stepchild, parent, stepparent, grandparent, brother, sister, uncle, or aunt, whether of the whole or half blood or by adoption.
(11) “Person” means an individual, corporati
Source: Arkansas Code — historical release 78 (November 6, 2020) · 28-72-401
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. The source passage cites 28-72-401. This identifies an authority to review, not proof of applicability.