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Uniform Custodial Trust Act introduced to create short‑form trust vehicle for modest assets
Summary
Senate Bill 5037 would enact the Uniform Custodial Trust Act to let people create short‑form custodial trusts by simple written transfers for modest assets and to govern trustee powers, beneficiary rights and incapacity issues; supporters say it provides an affordable trust option.
Senate Bill 5037, presented to the Law & Justice Committee Jan. 16, would enact the Uniform Custodial Trust Act in Washington. Committee staff described the measure as creating a short‑form custodial trust vehicle that can be created by a written property transfer or other brief writing, intended to provide a low‑cost trust option for individuals of modest means.
Under the proposed…
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