Senate Bill 5037, presented to the Law & Justice Committee Jan. 16, would enact the Uniform Custodial Trust Act in Washington. Committee staff described the measure as creating a short‑form custodial trust vehicle that can be created by a written property transfer or other brief writing, intended to provide a low‑cost trust option for individuals of modest means.

Under the proposed act, a custodial trust would be created by a writing identifying the property, the trustee and the beneficiary. The act would set out how custodial trusts are funded, managed, terminated and handled in the event a beneficiary becomes incapacitated. Custodial trustees would have powers and duties comparable to other trustees, and beneficiaries would retain certain directions over management and termination. Jurisdiction for disputes would lie with superior courts.

Karen Fox, a University of Washington law professor and uniform law commissioner, told the committee that the act is a counterpart to the Uniform Transfers to Minors Act and has been enacted in other states. She said the measure aims to provide an affordable tool for people who would otherwise find trust administration and lawyer fees prohibitive, particularly for modest assets or temporary needs.

A fiscal note had been requested but was not yet available at the hearing. No opposition was recorded in the committee hearing.

Ending: The public hearing concluded without opposition; committee members had no substantive questions beyond clarifying the bill’s purpose and stakeholder outreach.