§ 18-13-6 - Multiple beneficiaries – Separate custodial trusts – Survivorship. - Rhode Island Statutes

SECTION 18-13-6

   § 18-13-6  Multiple beneficiaries –Separate custodial trusts – Survivorship. – (a) Beneficial interests in a custodial trust created for multiplebeneficiaries are deemed to be separate custodial trusts of equal undividedinterests for each beneficiary. Except in a transfer or declaration for use andbenefit of husband and wife, for whom survivorship is presumed, a right ofsurvivorship does not exist unless the instrument creating the custodial trustspecifically provides for survivorship.

   (b) Custodial trust property held under this chapter by thesame custodial trustee for the use and benefit of the same beneficiary may beadministered as a single custodial account.

   (c) A custodial trustee of custodial trust property held formore than one beneficiary shall separately account to each beneficiary pursuantto §§ 18-13-7 and 18-13-15 for the administration of the custodialtrust.