Two Core Forms for Creating a Custodial Trust
This statute gives two standard forms that meet the legal needs for a custodial trust. The first is a transfer form. You use it when moving property to another person or trust company as trustee.
The second is a declaration of trust form. You use it when the property owner names themselves as trustee for a different beneficiary.
If a transaction, including a declaration with respect to or a transfer of specific property, otherwise satisfies applicable law, the criteria of section 14-9102 are satisfied by either: 1. The execution and either delivery to the custodial trustee or recording of an instrument in substantially the following form...
A.R.S. § 14-9118(A)Both forms must name the transferor, the trustee, the beneficiary, and the property. The language must reference the Uniform Custodial Trust Act.
Ten Accepted Methods for Funding
Beyond the standard forms, the statute lists ten ways to move assets into a custodial trust. For example, you can register securities in the trustee's name. You can also deliver signed certificates.
You can direct brokers or banks to credit an account in the trustee's name. Life insurance policies and annuity contracts can also be re-titled.
Real property transfers require a recorded deed. You can transfer vehicles and titled personal property through the relevant state agency. The statute also covers written assignments, powers of appointment, and gifts.