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

MISSOURI STATUTES AND CODES

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

Custodians for future transfers, who may serve--lapse ofcustodianship, effect--substitute custodians, power todesignate--revocation.

404.027. 1. A donor making a future transfer of propertyto a beneficiary under a will, trust, deed, power ofappointment, benefit plan, life or endowment insurance policy,annuity or other contract, or a pay or transfer on deathdirection, may revocably designate, or grant to another person ageneral or limited power to revocably designate, any adultperson or financial institution, including the holder of thepower, as custodian under sections 404.005 to 404.094 for abeneficiary who may be a minor at the time the property becomestransferable.

2. When the property becomes transferable to the minorbeneficiary, the donor's personal representative, trustee,benefit plan, insurance company, or contract obligor shalltransfer the property to the designated custodian in the mannerprescribed in subdivisions (1), (2), (3) and (5) of subsection 1of section 404.047 for the type of property to be transferred.If, at the time the property becomes transferable, the minorbeneficiary has attained twenty-one years of age, the custodiandesignation shall lapse and the property may be transferreddirectly to the beneficiary.

3. The designation of a custodian for a future transfer ofproperty may include the designation of one or more substitutecustodians to whom the property shall be transferred in theorder named in the event the prior named custodian declines oris not qualified to serve as custodian, or is deceased orincapacitated. A donor or a person exercising a power from adonor may revoke or change the designation of a custodian orsubstitute custodian for a future transfer of property byrevoking the designation or making a new designation before theproperty becomes transferable.