RCW 11.114.010
Definitions.
Unless the context clearly requires otherwise, the definitions in this section apply throughout this chapter.
(1) "Adult" means an individual other than the minor who has attained the age of twenty-one years and is older than the minor.
(2) "Benefit plan" means an employer's plan for the benefit of an employee or partner.
(3) "Broker" means a person lawfully engaged in the business of effecting transactions in securities or commodities for the person's own account or for the account of others.
(4) "Guardian" means a person appointed or qualified by a court to act as general, limited, or temporary guardian of a minor's property or a person legally authorized to perform substantially the same functions. Conservator means guardian for transfers made under another state's law but enforceable in this state's courts.
(5) "Court" means a superior court of the state of Washington.
(6) "Custodial property" means (a) any interest in property transferred to a custodian under this chapter and (b) the income from and proceeds of that interest in property.
(7) "Custodian" means a person so designated under RCW 11.114.090
or a successor or substitute custodian designated under RCW 11.114.180
.
(8) "Financial institution" means a bank, trust company, savings institution, or credit union, chartered and supervised under state or federal law.
(9) "Legal representative" means an individual's personal representative or guardian.
(10) "Member of the minor's family" means the minor's parent, stepparent, spouse, domestic partner, grandparent, brother, sister, uncle, or aunt, whether of the whole or half blood or by adoption.
(11) "Minor" means an individual who has not attained the age of twenty-five years.
(12) "Person" means an individual, corporation, organization, or other legal entity.
(13) "State" includes any state of the United States, the District of Columbia, the Commonwealth of Puerto Rico, and any territory or possession subject to the legislative authority of the United States.
(14) "Transfer" means a transaction that creates custodial property under RCW 11.114.090
.
(15) "Transferor" means a person who makes a transfer under this chapter.
(16) "Trust company" means a financial institution, corporation, or other legal entity, authorized to exercise general trust powers.
[
2008 c 6 s 934
;
2006 c 204 s 1
;
1991 c 193 s 1
.]
NOTES:
Part headings not law
—
Severability
—
2008 c 6:
See RCW 26.60.900
and
26.60.901
.
Effective date
—
2006 c 204:
See note following RCW 11.114.090
.
RCW 11.114.020
Scope and jurisdiction.
(1) This chapter applies to a transfer that refers to this chapter in the designation under RCW 11.114.090
(1) by which the transfer is made if at the time of the transfer, the transferor, the minor, or the custodian is a resident of this state or the custodial property is located in this state. The custodianship so created remains subject to this chapter despite a subsequent change in residence of a transferor, the minor, or the custodian, or the removal of custodial property from this state.
(2) A person designated as custodian under this chapter is subject to personal jurisdiction in this state with respect to any matter relating to the custodianship.
(3) A transfer that purports to be made and which is valid under the uniform transfers to minors act, the uniform gifts to minors act, or a substantially similar act of another state is governed by the law of the designated state and may be executed and is enforceable in this state if at the time of the transfer, the transferor, the minor, or the custodian is a resident of the designated state or the custodial property is located in the designated state.
(4) A matter, whether at law or in equity, involving an account established under this chapter shall be addressed, resolved, and settled under the procedures provided under chapter
11.96A
RCW.
[
2021 c 140 s 4026
;
2006 c 204 s 2
;
1999 c 42 s 633
;
1991 c 193 s 2
.]
NOTES:
Application
—
2021 c 140 ss 4003-4017, 4023, 4024, and 4026:
See note following RCW 11.48.130
.
Effective date
—
2006 c 204:
See note following RCW 11.114.090
.
Effective date
—
1999 c 42:
See RCW 11.96A.902
.
RCW 11.114.030
Nomination of custodian
—
Designation of custodian by representative or specified person.
(1) A person having the right to designate the recipient of property transferable upon the occurrence of a future event may revocably nominate a custodian to receive the property for a minor beneficiary upon the occurrence of the event by naming the custodian followed in substance by the words: ". . . . . . as custodian for . . . . . . (name of minor) under the Washington uniform transfers to minors act." The nomination may name one or more persons as substitute custodians to whom the property shall be transferred, in the order named, if the first nominated custodian dies before the transfer or is unable, declines, or is ineligible to serve. The nomination may be made in a will, a trust, a deed, an instrument exercising a power of appointment, or in a writing designating a beneficiary of contractual rights which is registered with or delivered to the payor, issuer, or other obligor of the contractual rights.
As an alternative to naming a specific person as custodian, the nomination may provide that the custodian may be designated by the legal representative of, or other person specified by, the person having the right to designate the recipient of the property described in this subsection. The person having the right of designation of the custodian is authorized to designate himself or herself as custodian, if he or she falls within the class of persons eligible to serve as custodian under RCW 11.114.090
(1).
(2) A custodian nominated under this section shall be a person to whom a transfer of property of that kind may be made under RCW 11.114.090
(1).
(3) Instead of designating one specific minor, the designation may specify multiple persons or a class or classes of persons, but when the custodial property is actually created under subsection (4) of this section, it must be constituted as a separate custodianship for each beneficiary, and each beneficiary's interest in it must be determined in accordance with the governing instrument and applicable law.
(4) The nomination of a custodian under this section does not create custodial property until the nominating instrument becomes irrevocable or a transfer to the nominated custodian is completed under RCW 11.114.090
. Unless the nomination of a custodian has been revoked, upon the occurrence of the future event the custodianship becomes effective and the custodian shall enforce a transfer of the custodial property pursuant to RCW 11.114.090
.
[
1998 c 292 s 301
;
1991 c 193 s 3
.]
NOTES:
Retroactive application
—
1998 c 292:
See note following RCW 11.68.110
.
Effective dates
—
1998 c 292:
See RCW 11.11.903
.
RCW 11.114.040
Transfer by gift or exercise of power of appointment.
A person may make a transfer by irrevocable gift to, or the irrevocable exercise of a power of appointment in favor of, a custodian for the benefit of a minor pursuant to RCW 11.114.090
.
[
1991 c 193 s 4
.]
RCW 11.114.050
Transfer authorized by will or trust.
(1) A personal representative or trustee may make an irrevocable transfer pursuant to RCW 11.114.090
to a custodian for the benefit of a minor as authorized in the governing will or trust. The personal representative or trustee may designate himself or herself as custodian provided he or she falls within the class of persons eligible to serve as custodian under RCW 11.114.090
(1).
(2) If the testator or grantor has nominated a custodian under RCW 11.114.030
to receive the custodial property, the transfer shall be made to that person.
(3) If the testator or grantor has not nominated a custodian under RCW 11.114.030, or all persons so nominated as custodian die before the transfer or are unable, decline, or are ineligible to serve, the personal representative or the trustee, as the case may be, shall designate the custodian from among those eligible to serve as custodian for property of that kind under RCW 11.114.090
(1). The personal representative or trustee may designate himself or herself as custodian, provided he or she falls within the class of persons eligible to serve as custodian under RCW 11.114.090
(1).
[
1991 c 193 s 5
.]
RCW 11.114.060
Other transfer by fiduciary.
(1) A personal representative or trustee may make an irrevocable transfer to an adult or trust company for the benefit of a minor pursuant to RCW 11.114.090, in the absence of a will or under a will or trust that does not contain an authorization to do so, but only if:
(a) The personal representative or trustee, or the court if an order is requested under (c) of this subsection, considers the transfer to be in the best interest of the minor;
(b) The transfer is not prohibited by or inconsistent with provisions of the applicable will, trust instrument, or other governing instrument; and
(c) The transfer is authorized by the court if it exceeds thirty thousand dollars in value.
The personal representative, the trustee, or a member of the minor's family may select the custodian, subject to court approval. The personal representative or trustee may serve as custodian, provided he or she falls within the class of persons eligible to serve as custodian under RCW 11.114.090
(1).
(2) A member of the minor's family may request that the court establish a custodianship if a custodianship has not already been established, regardless of the value of the transfer.
[
1991 c 193 s 6
.]
RCW 11.114.070
Transfer by obligor.
(1) Subject to subsections (2) and (3) of this section, a person not subject to RCW 11.114.050
or
11.114.060
who holds property of or owes a liquidated debt to a minor not having a guardian may make an irrevocable transfer to a custodian for the benefit of the minor pursuant to RCW 11.114.090
.
(2) If a person having the right to do so under RCW 11.114.030
has nominated a custodian under that section to receive the custodial property, the transfer shall be made to that person.
(3) If no custodian has been nominated under RCW 11.114.030, or all persons so nominated as custodian die before the transfer or are unable, decline, or are ineligible to serve, a transfer under this section may be made to an adult member of the minor's family or to a trust company unless the property exceeds thirty thousand dollars in value.
(4) A member of the minor's family or the person who holds the property of the minor or who owes a debt to the minor may request that the court establish a custodianship if not previously established, regardless of the value of the transfer.
[
1991 c 193 s 7
.]
RCW 11.114.080
Receipt for custodial property.
A written confirmation of delivery by a custodian constitutes a sufficient receipt and discharge of the transferor for custodial property transferred to the custodian under this chapter.
[
1991 c 193 s 8
.]
RCW 11.114.090
Form and manner of creating custodial property and effecting transfer.
(1) Custodial property is created and a transfer is made if:
(a) An uncertificated security or a certificated security in registered form is either:
(i) Registered in the name of the transferor, an adult other than the transferor, or a trust company, followed in substance by the words: " . . . . . . as custodian for  . . . . . . (name of minor) under the Washington uniform transfers to minors act"; or
(ii) Delivered if in certificated form, or any document necessary for the transfer of an uncertificated security is delivered, together with any necessary endorsement to an adult other than the transferor or to a trust company as custodian, accompanied by an instrument in substantially the form set forth in subsection (2) of this section;
(b) Money is paid or delivered, or a security held in the name of a broker, financial institution, or its nominee is transferred, to a broker or financial institution for credit to an account in the name of the transferor, an adult other than the transferor, or a trust company, followed in substance by the words: " . . . . . . as custodian for  . . . . . . (name of minor) under the Washington uniform transfers to minors act";
(c) The ownership of a life or endowment insurance policy or annuity contract is either:
(i) Registered with the issuer in the name of the transferor, an adult other than the transferor, or a trust company, followed in substance by the words: " . . . . . . as custodian for  . . . . . . (name of minor) under the Washington uniform transfers to minors act"; or
(ii) Assigned in a writing delivered to an adult other than the transferor or to a trust company whose name in the assignment is followed in substance by the words: " . . . . . . as custodian for  . . . . . . (name of minor) under the Washington uniform transfers to minors act";
(d) An irrevocable exercise of a power of appointment or an irrevocable present right to future payment under a contract is the subject of a written notification delivered to the payor, issuer, or other obligor that the right is transferred to the transferor, an adult other than the transferor, or a trust company, whose name in the notification is followed in substance by the words: " . . . . . . as custodian for  . . . . . . (name of minor) under the Washington uniform transfers to minors act";
(e) An interest in real property is recorded in the name of the transferor, an adult other than the transferor, or a trust company, followed in substance by the words: " . . . . . . as custodian for  . . . . . . (name of minor) under the Washington uniform transfers to minors act";
(f) A certificate of title issued by a department or agency of a state or of the United States which evidences title to tangible personal property is either:
(i) Issued in the name of the transferor, an adult other than the transferor, or a trust company, followed in substance by the words: " . . . . . . as custodian for  . . . . . . (name of minor) under the Washington uniform transfers to minors act"; or
(ii) Delivered to an adult other than the transferor or to a trust company, endorsed to that person followed in substance by the words: " . . . . . . as custodian for  . . . . . . (name of minor) under the Washington uniform transfers to minors act"; or
(g) An interest in any property not described in (a) through (f) of this subsection is transferred to an adult other than the transferor or to a trust company by a written instrument in substantially the form set forth in subsection (2) of this section.
(2) An instrument in the following form satisfies the requirements of subsection (1)(a)(ii) and (g) of this section:
"TRANSFER UNDER THE WASHINGTON UNIFORM TRANSFERS TO MINORS ACT
I,  . . . . . . (name of transferor or name and representative capacity if a fiduciary) hereby transfer to  . . . . . . (name of custodian), as custodian for  . . . . . . (name of minor) under the Washington uniform transfers to minors act, the following: (insert a description of the custodial property sufficient to identify it).
(Electing the following paragraph is optional to the transferor):
□ If . . . . . . (name of custodian) is or becomes unable to act or to continue to act as custodian, the alternate or successor custodian shall be the first of the following persons, in order of preference and succession, who is then able and willing to act as custodian: (insert the name(s) of the alternate or successor custodian(s)).
1.  . . . . . .
2.  . . . . . .
3.  . . . . . .
(Electing the following paragraph is optional to the transferor):
□ I elect to extend the custodianship to the minor's twenty-fifth birthday.
i understand that electing to extend custodianship to age twenty-five may cause me to lose my annual exclusion from federal gift tax and that i should consult with an attorney or tax advisor before making this election
.
Dated: . . . .
. . . .
(Signature)
. . . . . . (name of custodian) acknowledges receipt of the property described above as custodian for the minor named above under the Washington uniform transfers to minors act.
Dated: . . . .
. . . ."
(Signature of Custodian)
(3) A transferor shall place the custodian in control of the custodial property as soon as practicable.
[
2006 c 204 s 3
;
1991 c 193 s 9
.]
NOTES:
Effective date
—
2006 c 204:
"This act takes effect July 1, 2007." [
2006 c 204 s 9
.]
RCW 11.114.100
Single custodianship.
A transfer may be made only for one minor, and only one person may be the custodian. All custodial property held under this chapter by the same custodian for the benefit of the same minor constitutes a single custodianship.
[
1991 c 193 s 10
.]
RCW 11.114.110
Validity and effect of transfer.
(1) The validity of a transfer made in a manner prescribed in this chapter is not affected by:
(a) Failure of the transferor to comply with RCW 11.114.090
(3) concerning possession and control;
(b) Designation of an ineligible custodian, except designation of the transferor in the case of property for which the transferor is ineligible to serve as custodian under RCW 11.114.090
(1); or
(c) Death or incapacity of a person nominated under RCW 11.114.030
or designated under RCW 11.114.090
as custodian or the disclaimer of the office by that person.
(2) A transfer made pursuant to RCW 11.114.090
is irrevocable, and the custodial property is indefeasibly vested in the minor, but the custodian has all the rights, powers, duties, and authority provided in this chapter, and neither the minor nor the minor's legal representative has any right, power, duty, or authority with respect to the custodial property except as provided in this chapter.
(3) By making a transfer, the transferor incorporates in the disposition all the provisions of this chapter and grants to the custodian, and to any third person dealing with a person designated as custodian, the respective powers, rights, and immunities provided in this chapter.
[
1991 c 193 s 11
.]
RCW 11.114.120
Care of custodial property.
(1) A custodian shall, as soon as custodial property is made available to the custodian:
(a) Take control of custodial property;
(b) Register or record title to custodial property if appropriate; and
(c) Collect, hold, manage, invest, and reinvest custodial property.
(2) In dealing with custodial property, a custodian shall observe the standard of care applicable to fiduciaries under chapter
11.100
RCW. If a custodian has a special skill or expertise or is named custodian on the basis of representations of a special skill or expertise, the custodian shall use that skill or expertise. A custodian, in the custodian's discretion and without liability to the minor or the minor's estate, may retain any custodial property received from a transferor according to the same standards as apply to a fiduciary holding trust funds under RCW 11.100.060
. However, the provisions of RCW 11.100.025, 11.100.040, and
11.100.140
shall not apply to a custodian.
(3) A custodian may invest in or pay premiums on life insurance or endowment policies on (a) the life of the minor only if the minor or the minor's estate is the sole beneficiary, or (b) the life of another person in whom the minor has an insurable interest only to the extent that the minor, the minor's estate, or the custodian in the capacity of custodian, is the irrevocable beneficiary.
(4) A custodian at all times shall keep custodial property separate and distinct from all other property in a manner sufficient to identify it clearly as custodial property of the minor. Custodial property consisting of an undivided interest is so identified if the minor's interest is held as a tenant in common and is fixed. Custodial property subject to recordation is so identified if it is recorded, and custodial property subject to registration is so identified if it is either registered, or held in an account designated, in the name of the custodian, followed in substance by the words: ". . . . . . as custodian for . . . . . . (name of minor) under the Washington uniform transfers to minors act."
(5) A custodian shall keep records of all transactions with respect to custodial property, including information necessary for the preparation of the minor's tax returns, and shall make them available upon request for inspection by a parent or legal representative of the minor or by the minor if the minor has attained the age of eighteen years.
[
2006 c 204 s 4
;
1991 c 193 s 12
.]
NOTES:
Effective date
—
2006 c 204:
See note following RCW 11.114.090
.
RCW 11.114.130
Powers of custodian.
(1) A custodian, acting in a custodial capacity, has all the rights, powers, and authority over custodial property that unmarried adult owners have over their own property, including without limitation all the powers granted to a trustee under RCW 11.98.070, but a custodian may exercise those rights, powers, and authority only in a custodial capacity.
(2) This section does not relieve a custodian from liability for breach of RCW 11.114.120
.
[
1991 c 193 s 13
.]
RCW 11.114.140
Use of custodial property.
(1) A custodian may deliver or pay to the minor or expend for the minor's benefit so much of the custodial property as the custodian considers advisable for the use and benefit of the minor, without court order and without regard to (a) the duty or ability of the custodian personally or of any other person to support the minor, or (b) any other income or property of the minor which may be applicable or available for that purpose.
(2) On petition of an interested person or the minor if the minor has attained the age of eighteen years, the court may order the custodian to deliver or pay to the minor or expend for the minor's benefit so much of the custodial property as the court considers advisable for the use and benefit of the minor.
(3) A delivery, payment, or expenditure under this section is in addition to, not in substitution for, and does not affect any obligation of a person to support the minor.
[
2006 c 204 s 5
;
1991 c 193 s 14
.]
NOTES:
Effective date
—
2006 c 204:
See note following RCW 11.114.090
.
RCW 11.114.150
Custodian's expenses, compensation, and bond.
(1) A custodian is entitled to reimbursement from custodial property for reasonable expenses incurred in the performance of the custodian's duties.
(2) Except for one who is a transferor under RCW 11.114.040, a custodian has a noncumulative election during each calendar year to charge reasonable compensation for services performed during that year.
(3) Except as provided in RCW 11.114.180
(6), a custodian need not give a bond.
(4) Notwithstanding RCW 11.114.190, a custodian not compensated for services is not liable for losses to the custodial property unless they result from bad faith, intentional wrongdoing, or gross negligence, or from failure to maintain the standard of prudence in investing the custodial property provided in this chapter.
[
1991 c 193 s 15
.]
RCW 11.114.160
Exemption of third person from liability.
A third person in good faith and without court order may act on the instructions of or otherwise deal with any person purporting to make a transfer or purporting to act in the capacity of a custodian or successor custodian and, in the absence of knowledge, is not responsible for determining:
(1) The validity of the purported custodian's designation;
(2) The propriety of, or the authority under this chapter for, any act of the purported custodian;
(3) The validity or propriety under this chapter of any instrument or instructions executed or given either by the person purporting to make a transfer or by the purported custodian; or
(4) The propriety of the application of any property of the minor delivered to the purported custodian.
[
1991 c 193 s 16
.]
RCW 11.114.170
Liability to third persons.
(1) A claim based on:
(a) A contract entered into by a custodian acting in a custodial capacity;
(b) An obligation arising from the ownership or control of custodial property;
(c) A tort committed during the custodianship, may be asserted against the custodial property by proceeding against the custodian in the custodial capacity, whether or not the custodian or the minor is personally liable therefor; or
(d) A noncontractual obligation, including obligations in tort, is collectible from the custodial property only if:
(i) The obligation was a common incident of the kind of business activity in which the custodian or the custodian's predecessor was properly engaged for the custodianship;
(ii) Neither the custodian nor the custodian's predecessor, nor any officer or employee of the custodian or the custodian's predecessor was personally at fault in incurring the obligation; or
(iii) Although the obligation did not fall within (d)(i) or (ii) of this subsection, the incident that gave rise to the obligation increased the value of the custodial property.
If the obligation is within (d)(i) or (ii) or [of] this subsection, collection may be had of the full amount of damage proved. If the obligation is within (d)(iii) of this subsection, collection may be had only to the extent of the increase in the value of the trust property.
(2) A custodian is not personally liable:
(a) On a contract properly entered into in the custodial capacity unless the custodian fails to reveal that capacity. The addition of the words "custodian" or "as custodian" after the signature of a custodian is adequate revelation of this capacity; or
(b) For an obligation arising from control of custodial property or for a tort committed during the custodianship unless the custodial property is not liable for the obligation under *(b) of this subsection and unless the custodian is personally at fault.
(3) A minor is not personally liable for an obligation arising from ownership of custodial property or for a tort committed during the custodianship unless the minor is personally at fault.
[
1991 c 193 s 17
.]
NOTES:
*Reviser's note:
The reference to (b) of this subsection appears erroneous. Reference to subsection (1)(b) of this section was apparently intended.
RCW 11.114.180
Renunciation, resignation, death, or removal of custodian
—
Designation of successor custodian.
(1) A person nominated under RCW 11.114.030
or designated under RCW 11.114.090
as custodian may decline to serve. If the event giving rise to a transfer has not occurred and no substitute custodian able, willing, and eligible to serve was nominated under RCW 11.114.030, the person who made the nomination may nominate a substitute custodian under RCW 11.114.030
; otherwise the transferor or the transferor's legal representative shall designate a substitute custodian at the time of the transfer, in either case from among the persons eligible to serve as custodian for that kind of property under RCW 11.114.090
(1). The custodian so designated has the rights of a successor custodian.
(2) A custodian at any time may designate a trust company or an adult other than a transferor under RCW 11.114.040
as successor custodian by executing and dating an instrument of designation. If the instrument of designation does not contain or is not accompanied by the resignation of the custodian, the designation of the successor does not take effect until the custodian resigns, dies, becomes incapacitated, or is removed, and custodial property is transferred to the successor custodian.
(3) A custodian may resign at any time by delivering written notice to the minor, if the minor has attained the age of eighteen years, and to the successor custodian, and by delivering the custodial property to the successor custodian.
(4) If a custodian is ineligible, dies, or becomes incapacitated and no successor custodian has been designated as provided in this chapter, and the minor has attained the age of eighteen years, the minor may designate as successor custodian, in the manner prescribed in subsection (2) of this section, an adult member of the minor's family, a guardian of the minor, or a trust company. If the minor has not attained the age of eighteen years or fails to act within sixty days after the ineligibility, death, or incapacity, the guardian of the minor becomes successor custodian. If the minor has no guardian or the guardian declines to act, the transferor, the legal representative of the transferor or of the custodian, an adult member of the minor's family, or any other interested person may petition the court to designate a successor custodian.
(5) A custodian who declines to serve under subsection (1) of this section or resigns under subsection (3) of this section, or the legal representative of a deceased or incapacitated custodian, as soon as practicable, shall put the custodial property and records in the possession and control of the successor custodian. The successor custodian by action may enforce the obligation to deliver custodial property and records and becomes responsible for each item as received.
(6) A transferor, the legal representative of a transferor, an adult member of the minor's family, a guardian of the minor, or the minor if the minor has attained the age of eighteen years may petition the court to remove the custodian for cause and to designate a successor custodian other than a transferor under RCW 11.114.040
or to require the custodian to give appropriate bond.
[
2006 c 204 s 6
;
1991 c 193 s 18
.]
NOTES:
Effective date
—
2006 c 204:
See note following RCW 11.114.090
.
RCW 11.114.190
Accounting by and determination of liability of custodian.
(1) A minor who has attained the age of eighteen years, the minor's legal representative, an adult member of the minor's family, a transferor, or a transferor's legal representative may petition the court (a) for an accounting by the custodian or the custodian's legal representative; or (b) for a determination of responsibility, as between the custodial property and the custodian personally, for claims against the custodial property unless the responsibility has been adjudicated in an action under RCW 11.114.170
to which the minor or the minor's legal representative was a party.
(2) A successor custodian may petition the court for an accounting by the predecessor custodian.
(3) The court, in a proceeding under this chapter or in any other proceeding, may require or permit the custodian or the custodian's legal representative to account.
(4) If a custodian is removed under RCW 11.114.180
(6), the court shall require an accounting and order delivery of the custodial property and records to the successor custodian and the execution of all instruments required for transfer of the custodial property.
[
2006 c 204 s 7
;
1991 c 193 s 19
.]
NOTES:
Effective date
—
2006 c 204:
See note following RCW 11.114.090
.
RCW 11.114.200
Termination of custodianship
—
Extension.
(1) Subject to RCW 11.114.220, the custodian shall transfer in an appropriate manner the custodial property to the minor or to the minor's estate upon the earlier of:
(a) The minor's attainment of twenty-one years of age with respect to custodial property transferred under RCW 11.114.040
or
11.114.050
;
(b) The minor's attainment of eighteen years of age with respect to custodial property transferred under RCW 11.114.060
or
11.114.070
; or
(c) The minor's death.
(2) The transferor may, in the initial nomination of custodian, extend the custodianship to the earlier of the minor's attainment of twenty-five years of age or the minor's death unless:
(a) The governing will, trust, or instrument creating the power of appointment specifically provides otherwise if the custodian property is transferred under RCW 11.114.040, 11.114.050, or
11.114.060
; or
(b) The custodial property is transferred under RCW 11.114.070
. In that case, the person nominating the custodian under RCW 11.114.030
may elect to extend the custodianship. If no custodian has been nominated under RCW 11.114.030, the court establishing the custodianship under RCW 11.114.070
(4) may extend the custodianship if it determines that doing so would not be contrary to the interest of the minor.
(3) An extension of the custodianship under subsection (2) of this section will be valid only if the transfer creating the custodianship is made on or after July 1, 2007.
(4) Any bank, trust company, insurance company, registered broker-dealer, investment company regulated under the federal Investment Company Act of 1940, investment advisor regulated under the federal Investment Advisors Act of 1940, or other person who makes custodianship forms available for adoption in contemplation of selling assets to or managing assets for a custodianship shall include, in any form made available on or after July 1, 2007, an option to extend the custodianship under subsection (2) of this section and a warning to the transferor that exercising the option to extend may result in the transfer not qualifying for annual exclusion from federal gift tax. An instrument in the form described in RCW 11.114.090
(2) will satisfy the requirements of this subsection.
[
2006 c 204 s 8
;
1991 c 193 s 20
.]
NOTES:
Effective date
—
2006 c 204:
See note following RCW 11.114.090
.
RCW 11.114.210
Applicability.
This chapter applies to a transfer within the scope of RCW 11.114.020
made after July 1, 1991, if:
(1) The transfer purports to have been made under the Washington uniform gifts to minors act; or
(2) The instrument by which the transfer purports to have been made uses in substance the designation "as custodian under the uniform gifts to minors act" or "as custodian under the uniform transfers to minors act" of any other state, and the application of this chapter is necessary to validate the transfer.
[
1991 c 193 s 21
.]
RCW 11.114.220
Effect on existing custodianships.
(1) Any transfer of custodial property as now defined in this chapter made before July 1, 1991, is validated notwithstanding that there was no specific authority in the Washington uniform gifts to minors act for the coverage of custodial property of that kind or for a transfer from that source at the time the transfer was made.
(2) This chapter applies to all transfers made before July 1, 1991, in a manner and form prescribed in the Washington uniform gifts to minors act, except insofar as the application impairs constitutionally vested rights or extends the duration of custodianships in existence on July 1, 1991. However, as to any custodianship established after August 9, 1971, but prior to January 1, 1985, a minor has the right after attaining the age of eighteen to demand delivery from the custodian of all or any portion of the custodial property.
[
1991 c 193 s 22
.]
RCW 11.114.230
Uniformity of application and construction.
This chapter shall be applied and construed to effectuate its general purpose to make uniform the law with respect to the subject of this chapter among states enacting it.
[
1991 c 193 s 23
.]
RCW 11.114.900
Short title.
This chapter may be cited as the uniform transfers to minors act.
[
1991 c 193 s 24
.]
RCW 11.114.902
Savings
—
1991 c 193.
To the extent that this chapter, by virtue of RCW 11.114.220
(2), does not apply to transfers made in a manner prescribed in the uniform gifts to minors act of Washington or to the powers, duties, and immunities conferred by transfers in that manner upon custodians and persons dealing with custodians, the repeal of the uniform gifts to minors act of Washington does not affect those transfers or those powers, duties, and immunities.
[
1991 c 193 s 26
.]
RCW 11.114.903
Effective date
—
1991 c 193.
This act is necessary for the immediate preservation of the public peace, health, or safety, or support of the state government and its existing public institutions, and shall take effect July 1, 1991.
[
1991 c 193 s 34
.]