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WA SB5037
Bill
AI Summary
- Establishes the Washington Uniform Custodial Trust Act, allowing individuals to create custodial trusts by written transfer or declaration to hold property for a beneficiary's use and benefit
- Custodial trustee must follow beneficiary's directions when the beneficiary is not incapacitated; if incapacitated, trustee may expend trust property as advisable for beneficiary's care without court order
- Transfers to incapacitated individuals without a conservator exceeding $20,000 require court authorization; transfers of $20,000 or less may be made directly to a family member or trust company as custodial trustee
- Custodial trust terminates upon beneficiary's death or written declaration by a non-incapacitated beneficiary, with property distributed according to beneficiary's written direction, survivorship provisions, trust instrument, or to the beneficiary's estate
- Effective date: July 27, 2025; passed unanimously (Senate 49-0, House 95-0)
Legislative Description
Enacting the uniform custodial trust act.
Last Action
Effective date 7/27/2025.
4/22/2025
Committee Referrals
Rules3/25/2025
Civil Rights & Judiciary2/7/2025
Rules1/24/2025
Law & Justice1/13/2025
Full Bill Text
No bill text available