(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 spouses or domestic partners, for whom survivorship is presumed, a right of survivorship does not exist unless the instrument creating the custodial trust specifically provides for survivorship.
(b) Custodial trust property held under this chapter 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 19-1108 and 19-1115 for the administration of the custodial trust.
(July 23, 2002, D.C. Law 14-177, § 2(b), 49 DCR 5092; Sept. 12, 2008, D.C. Law 17-231, § 21(b), 55 DCR 6758.)
Section ReferencesThis section is referenced in § 19-1117.
Effect of AmendmentsD.C. Law 17-231, in subsec. (a), substituted “spouses or domestic partners” for “husband and wife”.