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Committee hears Uniform Custodial Trusts Act proposal to simplify trusts for individuals and families
Summary
Senate Bill 5037 would adopt the Uniform Custodial Trusts Act to allow simpler custodial trusts for beneficiaries, including provisions for trusts to hold assets for incapacitated individuals without a conservator, successor trustees and termination rules.
Committee staff presented engrossed Senate Bill 5,037, which would adopt the Uniform Custodial Trusts Act to govern creation, administration and termination of custodial trusts in Washington.
Yolanda Baker, staff to the committee, said a custodial trust allows a trustee to hold and manage property for a beneficiary and can be created by written transfer or declaration. Baker explained that a distinguishing feature of custodial…
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