Mass. Gen. Laws ch. 203B § 4

Current through Chapter 223 of the 2024 Legislative Session

Section 203B:4 - Receipt and acceptance of trust property

(a) Obligations of a custodial trustee, including the obligation to follow directions of the beneficiary, shall arise under this chapter upon the custodial trustee's acceptance, express or implied, of the custodial trust property.

(b) The custodial trustee's acceptance may be evidenced by a writing stating in substance:

CUSTODIAL TRUSTEE'S RECEIPT AND ACCEPTANCE

I, __________ (name of custodial trustee) acknowledge receipt of the custodial trust property described below or in the attached instrument and accept the custodial trust as custodial trustee for __________ (name of beneficiary) under the Massachusetts Uniform Custodial Trust Act. I undertake to administer and distribute the custodial trust property pursuant to the Massachusetts Uniform Custodial Trust Act. My obligations as custodial trustee are subject to the directions of the beneficiary unless the beneficiary is designated as, is, or becomes incapacitated. The custodial trust property consists of ____________________________________

Dated: ______________________________

_____________________________________

(Signature of Custodial Trustee)

(c) Upon accepting custodial trust property, a person designated as custodial trustee under this chapter shall be subject to personal jurisdiction of the court with respect to any matter relating to the custodial trust.

Mass. Gen. Laws ch. 203B, § 4