Section 54.976. Expenses, compensation and bond of custodial trustee.

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Except as otherwise provided in the instrument creating the custodial trust, in an agreement with the beneficiary or by court order, all of the following apply to a custodial trustee:

(1) A custodial trustee is entitled to reimbursement from custodial trust property for reasonable expenses incurred in the performance of fiduciary services.

(2) A custodial trustee has a noncumulative election, to be made no later than 6 months after the end of each calendar year, to charge a reasonable compensation for fiduciary services performed during that year.

(3) A custodial trustee need not furnish a bond or other security for the faithful performance of fiduciary duties.

1991 a. 246 ; 2005 a. 387 s. 567 ; Stats. 2005 s. 54.976.

                    
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