529.08 USE OF CUSTODIAL TRUST PROPERTY.
(a) A custodial trustee shall pay to the beneficiary or expend for the beneficiary's use and
benefit so much or all of the custodial trust property as the beneficiary while not incapacitated
may direct from time to time.
(b) If the beneficiary is incapacitated, the custodial trustee shall expend so much or all of the
custodial trust property as the custodial trustee considers advisable for the use and benefit of the
beneficiary and individuals who were supported by the beneficiary when the beneficiary became
incapacitated, or who are legally entitled to support by the beneficiary. Expenditures may be made
in the manner, when, and to the extent that the custodial trustee determines suitable and proper,
without court order and without regard to other support, income, or property of the beneficiary.
(c) A custodial trustee may establish checking, savings, or other similar accounts of
reasonable amounts under which either the custodial trustee or 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 Funds withdrawn from, or checks written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.
History: 1990 c 476 s 8