§ 33B-3. Custodial trust to begin in the future.
§33B‑3. Custodial trust to begin in the future.
(a) A person may createa custodial trust to begin in the future by designating the transferee insubstance "as custodial trustee for ____________ (name of beneficiary)under the North Carolina Uniform Custodial Trust Act". A designation underthis section may be made in:
(1) A will;
(2) A trust;
(3) An insurance policy;
(4) A deed;
(5) A payable‑on‑deathaccount;
(6) An instrumentexercising a power of appointment, provided that the donor of the power has notexpressly prohibited the exercise of the power in favor of a custodial trustee,and provided further that the beneficiary of the custodial trust is apermissible object of the power, although the custodial trustee need not be apermissible object of the power; or
(7) A writingdesignating a beneficiary of contractual rights, including but not limited torights under a pension or profit sharing plan, which is registered with ordelivered to the fiduciary, payor, issuer, or obligor of the contractual right.
(b) Persons may bedesignated as substitute or successor custodial trustees to whom the propertymust be paid or transferred in the order named if the preceding designatedcustodial trustee is unable or unwilling to serve. (1995, c. 486, s. 1.)