Missouri Revised Statutes













Chapter 404

Transfers to Minors--Personal Custodian and Durable Power of Attorney

←404.023

Section 404.027.1

404.031→

August 28, 2015

Custodians for future transfers, who may serve--lapse of custodianship, effect--substitute custodians, power to designate--revocation.

404.027. 1. A donor making a future transfer of property to a

beneficiary under a will, trust, deed, power of appointment, benefit plan,

life or endowment insurance policy, annuity or other contract, or a pay or

transfer on death direction, may revocably designate, or grant to another

person a general or limited power to revocably designate, any adult person or

financial institution, including the holder of the power, as custodian under

sections 404.005 to 404.094 for a beneficiary who may be a minor at the time

the property becomes transferable.



2. When the property becomes transferable to the minor beneficiary, the

donor's personal representative, trustee, benefit plan, insurance company, or

contract obligor shall transfer the property to the designated custodian in

the manner prescribed in subdivisions (1), (2), (3) and (5) of subsection 1

of section 404.047 for the type of property to be transferred. If, at the

time the property becomes transferable, the minor beneficiary has attained

twenty-one years of age, the custodian designation shall lapse and the

property may be transferred directly to the beneficiary.



3. The designation of a custodian for a future transfer of property may

include the designation of one or more substitute custodians to whom the

property shall be transferred in the order named in the event the prior named

custodian declines or is not qualified to serve as custodian, or is deceased

or incapacitated. A donor or a person exercising a power from a donor may

revoke or change the designation of a custodian or substitute custodian for a

future transfer of property by revoking the designation or making a new

designation before the property becomes transferable.



(L. 1985 S.B. 35, et al. § 3 subsecs. 2, 3, 4, A.L. 1989 H.B. 145)







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