A. A person may create a custodial trust of property by a written transfer of the property to another person that is evidenced by registration or by another instrument of transfer, that is executed in any lawful manner, that names as beneficiary an individual who may be the transferor and that designates the transferee, in substance, as custodial trustee under this chapter.
B. A person may create a custodial trust of property by a written declaration that is evidenced by registration of the property or by another instrument of declaration executed in any lawful manner, that describes the property and that names as beneficiary an individual other than the declarant, and that designates the declarant as titleholder, in substance, as custodial trustee under this chapter. A registration or other declaration of trust for the sole benefit of the declarant is not a custodial trust under this chapter.
C. Title to custodial trust property is in the custodial trustee and the beneficial interest is in the beneficiary.
D. Except as provided in subsection E, a transferor may not terminate a custodial trust.
E. The beneficiary, if not incapacitated, or the conservator of an incapacitated beneficiary may terminate a custodial trust by delivering to the custodial trustee a writing signed by the beneficiary or conservator declaring the termination. If not previously terminated, the custodial trust terminates on the death of the beneficiary.
F. Any person may augment existing custodial trust property by the addition of other property pursuant to this chapter.
G. The transferor may designate or authorize the designation of a successor custodial trustee in the trust instrument.
H. This chapter does not displace or restrict other means of creating trusts. A trust whose terms do not conform to this chapter may be enforceable according to its terms under other law.