SB 5037 — Enacting the uniform custodial trust act.

What this bill does

Adopts the Uniform Custodial Trusts Act to allow for a simplified method of creating a trust in which the beneficiary who is not incapacitated has the power to direct the management of the trust property and the payment of income to the beneficiary. Provides that at a beneficiary's incapacity, the custodial trustee continues to manage the property as a discretionary trust under the prudent person standard for the benefit of the incapacitated beneficiary. Specifies the means of monitoring and enforcing a custodial trust, the rights and liability of third persons, limitations of action against the custodial trustee, and distribution of trust property on termination.

From the Washington State Legislature's nonpartisan staff bill analysis. Read the full analysis ↗

Floor votes

• House — 3rd Reading & Final Passage · April 10, 2025
  95 yea · 0 nay · 3 not voting
• Senate — 3rd Reading & Final Passage · February 5, 2025
  49 yea · 0 nay

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