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(a) This section applies to a plan account in which funds of a minor trust account are invested.
(b) The account owner may not be changed to any person other than a successor custodian
or the beneficiary unless a court order directing the change of ownership is provided to the plan
administrator. The custodian must sign all forms and requests submitted to the plan administrator
in the custodian's representative capacity. The custodian must notify the plan administrator in
writing when the beneficiary becomes legally entitled to be the account owner. An account owner
under this section may not select a contingent account owner.
(c) The beneficiary of an account under this section may not be changed. If the beneficiary
dies, assets in a plan account become the property of the beneficiary's estate. Funds in an account
must not be transferred or rolled over to another account owner or to an account for another
beneficiary. A nonqualified distribution from an account, or a distribution due to the disability
or scholarship award to the beneficiary, or made on account of the beneficiary's attendance at a
United States military academy, must be used for the benefit of the beneficiary.
History: 2003 c 133 art 3 s 24; 2005 c 107 art 2 s 46