529.05 MULTIPLE BENEFICIARIES; SEPARATE CUSTODIAL TRUSTS;
(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 a transfer
or declaration for use and benefit of husband and wife, for whom survivorship is presumed, a
right of survivorship does not exist unless the instrument creating the custodial trust specifically
provides for survivorship or survivorship is required as to community or marital property.
(b) Custodial trust property held under sections
by the same custodial trustee
for the use and benefit of the same beneficiary may be administered as a single custodial trust.
(c) A custodial trustee of custodial trust property held for more than one beneficiary
shall separately account to each beneficiary pursuant to sections
administration of the custodial trust.
History: 1990 c 476 s 5