SB 5037 — Enacting the uniform custodial trust act.

CERTIFICATIONZ-0049.2 OF ENROLLMENT SENATE BILL 5037 69th Legislature Regular Session Passed by the Senate February 5, 2025 CERTIFICATE Yeas 49 Nays 0 I, Sarah Bannister, Secretary of the Senate of the State of Washington,Washington do69th herebyLegislature certify2025 thatRegular PresidentSession ofBy theSenators SenateHoly, thePedersen, attachedDhingra, isNobles, SENATEShewmake, BILL 5037 as passed by the Senate and theWellman; House of Representatives on the dates hereon set forth.

Passed by the House April 10, 2025 Yeas 95 Nays 0 Secretary Speaker of the House of Representatives Approved FILED Secretary of State State of Washington Governor of the State of Washington SENATE BILL 5037 Passed Legislature - 2025 Regular Session State of Washington 69th Legislature 2025 Regular Session By Senators Holy, Pedersen, Dhingra, Nobles, Shewmake, and Wellman;

1 SB 5037.PL5037 (7) "Guardian" means a person appointed or qualified by a court as a guardian of an individual, including a limited guardian, but not a person who is only a guardian ad litem.

2 SB 5037.PL5037 than the declarant, in which the declarant as titleholder is designated, in substance, as custodial trustee under the Washington uniform custodial trust act.

3 SB 5037.PL5037 NEW SECTION.

4 SB 5037.PL5037 (2) A written acknowledgment of delivery, signed by a custodial trustee, is a sufficient receipt and discharge for property transferred to the custodial trustee pursuant to this section.

5 SB 5037.PL5037 (3) Subject to subsection (2) of this section, a custodial trustee shall take control of and collect, hold, manage, invest, and reinvest custodial trust property.

6 SB 5037.PL5037 determines suitable and proper, without court order and without regard to other support, income, or property of the beneficiary.

7 SB 5037.PL5037 immunities of third persons acting on instructions of the custodial trustee.

8 SB 5037.PL5037 the custodial trust unless the beneficiary is personally in possession of the custodial trust property giving rise to the liability or is personally at fault.

9 SB 5037.PL5037 (4) If a successor custodial trustee is not designated pursuant to subsection (3) of this section, the transferor, the legal representative of the transferor or of the custodial trustee, an adult member of the beneficiary's family, the guardian of the beneficiary, a person interested in the custodial trust property, or a person interested in the welfare of the beneficiary, may petition the court to designate a successor custodial trustee.

10 SB 5037.PL5037 and shall thereafter provide a written statement of the administration of the custodial trust property:

11 SB 5037.PL5037 (a) Who has received a final account or statement fully disclosing the matter unless an action or proceeding to assert the claim is commenced within two years after receipt of the final account or statement;

12 SB 5037.PL5037 (2) 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.

13 SB 5037.PL5037 beneficiary under the Washington uniform custodial trust act, the following:

14 SB 5037.PL5037 for .

15 SB 5037.PL5037 NEW SECTION.

16 SB 5037.PL5037 (i) An inter vivos trust governed by chapters 11.97, 11.98, 11.98B, 11.103, 11.110, ((and)) 11.118, and 11.--- (the new chapter created in section 23 of this act) RCW;

17 SB 5037.PL5037 (5) "Person" means an individual, estate, business or nonprofit entity, government or governmental subdivision, agency, or instrumentality, or other legal entity.

18 SB 5037.PL5037