Sec. 18. (a) A person may create a custodial trust of property by a written transfer of the property to another person, evidenced by registration of the property or by an instrument of transfer that: (1) is executed in any lawful manner; (2) names an individual as beneficiary who may be the transferor; and (3) in substance, designates the transferee to be the custodial trustee of the property under this chapter. (b) A person may create a custodial trust of property by a written declaration evidenced by registration of the property or by another instrument of declaration that: (1) is executed in any lawful manner; (2) describes the property; (3) names as beneficiary an individual other than the declarant; and (4) in substance, designates the declarant, who is also the titleholder of the property, to be the custodial trustee of the property under this chapter. (c) A registration or other declaration of trust for the sole benefit of the declarant is not a custodial trust under this chapter. (d) Title to custodial trust property is in the custodial trustee and the beneficial interest is in the beneficiary.
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