Missouri Revised Statutes













Chapter 404

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

←404.470

Section 404.480.1

404.490→

August 28, 2015

Custodian designation by donor for future transfer, who may serve--lapse of custodianship, effect--substitute custodians, power to designate--revocation.

404.480. 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 personal

custodian under sections 404.400 to 404.650 for a beneficiary who may be an

incapacitated person at the time the property becomes transferable.



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

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

contract obligor shall transfer the property to the designated personal

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

subsection 1 of section 404.540 for the type of property to be transferred.

If, at the time the property becomes transferable, the beneficiary is not an

incapacitated person, the personal custodian designation shall lapse and the

property may be transferred directly to the beneficiary.



3. The designation of a personal custodian for a future transfer of

property may include the designation of one or more substitute personal

custodians to whom the property shall be transferred in the order named in

the event the prior named personal custodian declines or is not qualified to

serve as personal 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 personal custodian or substitute personal custodian for a future

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

before the property becomes transferable.



(L. 1986 S.B. 651 § 4 subsec. 2)







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