404.049. Custodial trusts, transfer of property, how--legal title, beneficial title, held how--laws applicable to.

MISSOURI STATUTES AND CODES

404.049. Custodial trusts, transfer of property, how--legal title, beneficial title, held how--laws applicable to.

Custodial trusts, transfer of property, how--legal title, beneficialtitle, held how--laws applicable to.

404.049. 1. A custodianship for a minor shall be treatedas a custodial trust for a minor whenever property istransferred to any adult person or financial institutionfollowed in substance with the words "as custodial trustee for.......... (name of minor) under the Missouri Transfers toMinors Law".

2. When property is placed in the name of a custodialtrustee, legal title to the custodial property resides in thecustodial trustee and beneficial ownership of the custodialproperty is indefeasibly vested in the minor, subject to theprovisions of sections 404.005 to 404.094.

3. A transfer of property to a custodial trustee under theMissouri transfers to minors law incorporates in the transferall the provisions of sections 404.005 to 404.094 and grants tothe custodial trustee, minor and third persons dealing with thecustodial trustee, the respective powers, rights and immunitiesprovided in sections 404.005 to 404.094. By holding propertyfor a minor as custodial trustee under sections 404.005 to404.094, the custodial trustee assumes the obligation toadminister the custodial property for the minor as prescribed insections 404.005 to 404.094 and the provisions of any writtentrust agreement between the transferor and the custodialtrustee.

4. The provisions in sections 404.005 to 404.094 respectingcourt proceedings, court jurisdiction and court powers shallapply to custodial trusts under this section to the same extentas they apply to custodianships for minors.

5. The law applicable to trusts and trustees, includingchapter 456, RSMo, shall apply to custodial trusts under thissection in addition to sections 404.005 to 404.094, insofar assuch law does not conflict with sections 404.005 to 404.094.

6. An inter vivos or testamentary trust that is not acustodial trust under this section may incorporate any provisionof sections 404.005 to 404.094 into the governing document ofthe trust; and the statute as incorporated shall apply with thesame force of law as it applies to a custodial trust, includingsections respecting court proceedings, court jurisdiction andcourt powers.