Alaska Statutes.
Title 13. Decedents' Estates, Guardianships, Transfers, and Trusts.
Chapter 60. Uniform Custodial Trust Act
Section 170. Methods and Forms For Creating Custodial Trusts.
previous: Section 160. Distribution and Termination.
next: Section 180. Applicable Law.

AS 13.60.170. Methods and Forms For Creating Custodial Trusts.

(a) If a transaction, including a declaration with respect to specific property or a transfer of specific property, otherwise satisfies applicable law, the criteria of AS 13.60.010 are satisfied by

(1) the execution and either delivery to the custodial trustee or recording of an instrument in substantially the following form:

TRANSFER UNDER THE ALASKA UNIFORM CUSTODIAL TRUST ACT

I, __________ (name of transferor or name and representative capacity if a fiduciary),

transfer to __________ (name of trustee other than transferor), as custodial trustee

for __________ (name of beneficiary) as beneficiary and __________ as distributee on

termination of the trust in absence of direction by the beneficiary under the Alaska

Uniform Custodial Trust Act, the following: (insert a description of the custodial

trust property legally sufficient to identify and transfer each item of property).

Dated: _________________________  

________________________________ 

(Signature); or

(2) the execution and the recording or giving notice of its execution to the beneficiary of an instrument in substantially the following form:

CUSTODIAL TRUST ACT

DECLARATION OF TRUST UNDER THE ALASKA UNIFORM 

I, __________ (name of owner of property), declare that from this date I hold as

custodial trustee for __________ (name of beneficiary other than transferor) as

beneficiary and __________ as distributee on termination of the trust in absence

of direction by the beneficiary under the Alaska Uniform Custodial Trust Act, the

following: (insert a description of the custodial trust property legally sufficient

to identify and transfer each item of property).

Dated: _________________________  

________________________________ 

(Signature); or

(b) Either form identified under (a) of this section may be modified by the transferor of the property to include, for example, the designation of an alternate or successor trustee or the recipient of the custodial property upon termination of the trust.

(c) Customary methods of transferring or evidencing ownership of property may be used to create a custodial trust, including the following:

(1) registration of a security in the name of a trust company, an adult other than the transferor, or the transferor if the beneficiary is other than the transferor, designated in substance 'as custodial trustee for __________ (name of beneficiary) under the Alaska Uniform Custodial Trust Act';

(2) delivery of a certificated security, or a document necessary for the transfer of an uncertificated security, together with any necessary endorsement, to an adult other than the transferor or to a trust company as custodial trustee, accompanied by an instrument in substantially the form set out in (a)(1) of this section;

(3) payment of money or transfer of a security held in the name of a broker or a financial institution or its nominee to a broker or financial institution for credit to an account in the name of a trust company, an adult other than the transferor, or the transferor if the beneficiary is other than the transferor, designated in substance 'as custodial trustee for __________ (name of beneficiary) under the Alaska Uniform Custodial Trust Act';

(4) registration of ownership of a life or endowment insurance policy or annuity contract with the issuer in the name of a trust company, an adult other than the transferor, or the transferor if the beneficiary is other than the transferor, designated in substance 'as custodial trustee for __________ (name of beneficiary) under the Alaska Uniform Custodial Trust Act';

(5) delivery of a written assignment to an adult other than the transferor or to a trust company whose name in the assignment is designated in substance by the words 'as custodial trustee for __________ (name of beneficiary) under the Alaska Uniform Custodial Trust Act';

(6) irrevocable exercise of a power of appointment, under its terms, in favor of a trust company, an adult other than the donee of the power, or the donee who holds the power if the beneficiary is other than the donee, whose name in the appointment is designated in substance 'as custodial trustee for __________ (name of beneficiary) under the Alaska Uniform Custodial Trust Act';

(7) delivery of a written notification or assignment of a right to future payment under a contract to an obligor that transfers the right under the contract to a trust company, an adult other than the transferor, or the transferor if the beneficiary is other than the transferor, whose name in the notification or assignment is designated in substance 'as custodial trustee for _________ (name of beneficiary) under the Alaska Uniform Custodial Trust Act';

(8) execution, delivery, and recordation of a conveyance of an interest in real property in the name of a trust company, an adult other than the transferor, or the transferor if the beneficiary is other than the transferor, designated in substance 'as custodial trustee for __________ (name of beneficiary) under the Alaska Uniform Custodial Trust Act';

(9) issuance of a certificate of title by an agency of a state or of the United States that evidences title to tangible personal property

(A) issued in the name of a trust company, an adult other than the transferor, or the transferor if the beneficiary is other than the transferor, designated in substance 'as custodial trustee for __________ (name of beneficiary) under the Alaska Uniform Custodial Trust Act'; or

(B) delivered to a trust company or an adult other than the transferor or endorsed by the transferor to that person, designated in substance 'as custodial trustee for __________ (name of beneficiary) under the Alaska Uniform Custodial Trust Act'; or

(10) execution and delivery of an instrument of gift to a trust company or an adult other than the transferor, designated in substance 'as custodial trustee for __________ (name of beneficiary) under the Alaska Uniform Custodial Trust Act.'

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.