(a) Unless otherwise directed by an instrument designating a custodial trustee pursuant to section 19-1103, a person, including a fiduciary other than a custodial trustee, who holds property of or owes a debt to an incapacitated individual not having a conservator may make a transfer to an adult member of the beneficiary’s family or to a trust company as custodial trustee for the use and benefit of the incapacitated individual. If the value of the property or the debt exceeds $20,000, the transfer is not effective unless authorized by the court.
(b) A written acknowledgment of delivery, signed by a custodial trustee, is a sufficient receipt and discharge for property transferred to the custodial trustee pursuant to this section.
(July 23, 2002, D.C. Law 14-177, § 2(b), 49 DCR 5092.)
Section ReferencesThis section is referenced in § 19-1110.