Advertising with us can place you in front of thousands of visitors a day. Learn more!
- Alaska Statutes.
- Title 13. Decedents' Estates, Guardianships, Transfers, and Trusts.
- Chapter 60. Uniform Custodial Trust Act
- Section 60. General Duties of Custodial Trustee.
previous: Section 50
. Multiple Beneficiaries; Separate Custodial Trusts; Survivorship.
next: Section 70
. General Powers of Custodial Trustee.
AS 13.60.060. General Duties of Custodial Trustee.
- (a) If appropriate, a custodial trustee shall register or record the instrument vesting title to custodial trust property.
- (b) If the beneficiary is not incapacitated, a custodial trustee shall follow the directions of the beneficiary in the
management, control, investment, or retention of the custodial trust property. In the absence of effective contrary
direction by the beneficiary while not incapacitated, the custodial trustee shall observe the standard of care that
would be observed by a prudent person dealing with property of another and is not limited by another law, except AS 13.90.010
, restricting investments by fiduciaries. However, a custodial trustee, in the custodial trustee's discretion, may
retain custodial trust property received from the transferor. If a custodial trustee has a special skill or expertise
or is named custodial trustee on the basis of representation of a special skill or expertise, the custodial trustee
shall use that skill or expertise.
- (c) Subject to (b) of this section, a custodial trustee shall take control of and collect, hold, manage, invest, and
reinvest custodial trust property.
- (d) A custodial trustee at all times shall keep custodial trust property of which the custodial trustee has control, separate from all
other property in a manner sufficient to identify it clearly as
custodial trust property of the beneficiary. Custodial trust property,
the title to which is subject to recordation, is identified as required
by this subsection if an appropriate instrument identifying the
property is recorded, and custodial trust property subject to
registration is identified as required by this subsection if it is
registered, or held in an account in the name of the custodial trustee,
designated in substance 'as custodial trustee for (name
of beneficiary) under the Alaska Uniform Custodial Trust Act.'
- (e) A custodial trustee shall keep records of all transactions with
respect to custodial trust property, including information necessary
for the preparation of tax returns, and shall make the records and
information available at reasonable times to the beneficiary or legal
representative of the beneficiary.
- (f) The exercise of a durable power of attorney for an incapacitated beneficiary is not effective to terminate or direct
the administration or distribution of a custodial trust.
All content © 2008 by Touch
N' Go/Bright Solutions, Inc.
Note to HTML Version:
This version of the Alaska Statutes is current through December, 2007. The Alaska Statutes were automatically converted to HTML from a plain text format. Every effort has been made to ensure their accuracy, but this can not be guaranteed. If it is critical that the precise terms of the Alaska Statutes be known, it is recommended that more formal sources be consulted. For statutes adopted after the effective date of these statutes, see, Alaska State Legislature
If any errors are found, please e-mail Touch N' Go systems at E-mail. We
hope you find this information useful.