Enacting the uniform custodial trust act.

SB 5037 enacts the Uniform Custodial Trust Act in Washington, establishing a legal framework for creating and managing custodial trusts. This act allows individuals to transfer property to a "custodial trustee" for the benefit of a "beneficiary," who may also be the person creating the trust. The trust is established through a written transfer or declaration, with the custodial trustee managing the property for the beneficiary's use. A custodial trust can be terminated by the beneficiary if they are not incapacitated, or upon the beneficiary's death.