Illinois Custodian Agreement

• Category: Corporations - Public
• State: Multi-State
• Control #: US-EG-9188
• Format: Word; Rich Text

Description

Custodian Agreement between First American Insurance Portfolios, Inc. and U.S. Bank National Association dated December 8, 1999. 17 pages Illinois Custodian Agreement is a legal document that outlines the rights, responsibilities, and obligations between a custodian and the beneficiary of a custodial account. This agreement is established to ensure the proper management and protection of assets held on behalf of a minor or incapacitated individual. A custodian, typically appointed by a parent, legal guardian, or court, is entrusted with the management and administration of assets for the benefit of the beneficiary. The custodian has fiduciary duties and must act in the best interest of the beneficiary, providing prudent investment decisions and appropriate asset allocation. The Illinois Custodian Agreement outlines the specific terms and conditions governing the custodial relationship, including the custodian's powers and limitations. It ensures compliance with the Illinois Uniform Transfers to Minors Act (BURMA), which governs custodial accounts in the state. Key provisions of the Illinois Custodian Agreement often include: 1. Identification of the custodian: The agreement identifies the custodian, their contact information, and their relationship to the beneficiary. 2. Description of custodial account: The agreement details the specific assets or property held in the custodial account and any limitations or exclusions. 3. Investment authority: It outlines the custodian's authority to invest, manage, and make decisions regarding the assets held in the custodial account. 4. Successor custodian: The agreement may provide for the appointment of a successor custodian in case the original custodian is unable or unwilling to continue performing their duties. 5. Distribution rules: It specifies the conditions and rules for the distribution of assets, either upon the beneficiary reaching a certain age or upon the occurrence of specific events stated in the agreement. 6. Reporting requirements: The agreement may outline the custodian's obligation to provide regular and detailed reports to the beneficiary or the appropriate legal authority, accounting for the assets held and any transactions conducted. There are different types of custodian agreements that could be established in Illinois, depending on the specific circumstances: 1. Illinois Minor Custodial Agreement: This agreement is created when a custodian manages assets on behalf of a minor until they reach the age of majority, typically 18 or 21 years old, depending on state law. 2. Illinois Incapacitated Person Custodial Agreement: This type of agreement is established when a custodian manages assets for an incapacitated individual who is unable to handle financial matters due to mental or physical limitations. 3. Illinois Court-Appointed Custodial Agreement: In cases where a custodian is appointed by a court, this agreement outlines the custodian's responsibilities and the court's oversight in managing the assets for the beneficiary. In summary, an Illinois Custodian Agreement is a legally binding document that establishes the rights and obligations of a custodian managing assets for the benefit of a minor or incapacitated individual. It ensures compliance with the Illinois Uniform Transfers to Minors Act and provides guidelines for the custodian's actions, investment decisions, and reporting requirements. Different types of custodian agreements exist, including those regarding minors, incapacitated persons, and court-appointed custodial arrangements.

Illinois Custodian Agreement is a legal document that outlines the rights, responsibilities, and obligations between a custodian and the beneficiary of a custodial account. This agreement is established to ensure the proper management and protection of assets held on behalf of a minor or incapacitated individual. A custodian, typically appointed by a parent, legal guardian, or court, is entrusted with the management and administration of assets for the benefit of the beneficiary. The custodian has fiduciary duties and must act in the best interest of the beneficiary, providing prudent investment decisions and appropriate asset allocation. The Illinois Custodian Agreement outlines the specific terms and conditions governing the custodial relationship, including the custodian's powers and limitations. It ensures compliance with the Illinois Uniform Transfers to Minors Act (BURMA), which governs custodial accounts in the state. Key provisions of the Illinois Custodian Agreement often include: 1. Identification of the custodian: The agreement identifies the custodian, their contact information, and their relationship to the beneficiary. 2. Description of custodial account: The agreement details the specific assets or property held in the custodial account and any limitations or exclusions. 3. Investment authority: It outlines the custodian's authority to invest, manage, and make decisions regarding the assets held in the custodial account. 4. Successor custodian: The agreement may provide for the appointment of a successor custodian in case the original custodian is unable or unwilling to continue performing their duties. 5. Distribution rules: It specifies the conditions and rules for the distribution of assets, either upon the beneficiary reaching a certain age or upon the occurrence of specific events stated in the agreement. 6. Reporting requirements: The agreement may outline the custodian's obligation to provide regular and detailed reports to the beneficiary or the appropriate legal authority, accounting for the assets held and any transactions conducted. There are different types of custodian agreements that could be established in Illinois, depending on the specific circumstances: 1. Illinois Minor Custodial Agreement: This agreement is created when a custodian manages assets on behalf of a minor until they reach the age of majority, typically 18 or 21 years old, depending on state law. 2. Illinois Incapacitated Person Custodial Agreement: This type of agreement is established when a custodian manages assets for an incapacitated individual who is unable to handle financial matters due to mental or physical limitations. 3. Illinois Court-Appointed Custodial Agreement: In cases where a custodian is appointed by a court, this agreement outlines the custodian's responsibilities and the court's oversight in managing the assets for the beneficiary. In summary, an Illinois Custodian Agreement is a legally binding document that establishes the rights and obligations of a custodian managing assets for the benefit of a minor or incapacitated individual. It ensures compliance with the Illinois Uniform Transfers to Minors Act and provides guidelines for the custodian's actions, investment decisions, and reporting requirements. Different types of custodian agreements exist, including those regarding minors, incapacitated persons, and court-appointed custodial arrangements.