The Arizona Revised Statutes have been updated to include the revised sections from the 56th Legislature, 1st Regular Session. Please note that the next update of this compilation will not take place until after the conclusion of the 56th Legislature, 2nd Regular Session, which convenes in January 2024.
DISCLAIMER
This online version of the Arizona Revised Statutes is primarily maintained for legislative drafting purposes and reflects the version of law that is effective on January 1st of the year following the most recent legislative session. The official version of the Arizona Revised Statutes is published by Thomson Reuters.
A. On the termination of a custodial trust, the custodial trustee shall transfer the unexpended custodial trust property:
1. To the beneficiary, if not incapacitated or deceased.
2. To the conservator or other recipient designated by the court for an incapacitated beneficiary.
3. On the beneficiary's death, in the following order:
(a) As last directed in a writing signed by the deceased beneficiary while not incapacitated and received by the custodial trustee during the life of the deceased beneficiary.
(b) To the survivor of multiple beneficiaries if survivorship is provided for pursuant to Section 14-9106.
(c) As designated in the instrument creating the custodial trust.
(d) To the estate of the deceased beneficiary.
B. If, when the custodial trust would otherwise terminate, the distributee is incapacitated, the custodial trust continues for the use and benefit of the distributee as beneficiary until the incapacity is removed or the custodial trust is otherwise terminated.
C. The death of a beneficiary does not terminate the power of the custodial trustee to discharge obligations of the custodial trustee or beneficiary incurred before the termination of the custodial trust.