404.057. Successor custodian designation on renunciation, resignation, death, incapacity, nonresident minor or removal of custodian.

MISSOURI STATUTES AND CODES

404.057. Successor custodian designation on renunciation, resignation, death, incapacity, nonresident minor or removal of custodian.

Successor custodian designation on renunciation, resignation, death,incapacity, nonresident minor or removal of custodian.

404.057. 1. A person designated as a custodian may declineto serve by delivering a written renunciation to the person whomade the designation or to the transferor or the transferor'slegal representative. If at the time of the transfer there isno substitute custodian who is able and willing to serve ascustodian, the person who made the designation, a person with apower from the donor to designate a custodian, the transferor orthe transferor's legal representative shall designate asubstitute custodian.

2. The custodian may revocably designate at any time one ormore successor custodians in a will or by executing and datingan instrument of designation before a subscribing witness otherthan a successor custodian. If the instrument of designationdoes not contain or is not accompanied by the custodian'sresignation, the designation of a successor does not take effectuntil the custodian resigns, dies, becomes incapacitated or isremoved. Successor custodians serve in the order named in theevent a prior named custodian declines or is not qualified toserve as custodian, or is deceased or incapacitated.

3. A custodian may resign at any time by delivering writtennotice to the minor and the successor custodian and deliveringthe custodial property and records of the custodianship to thesuccessor custodian.

4. If the custodian dies or becomes incapacitated, thecustodian's legal representative shall transfer the custodialproperty to a successor custodian. If no successor custodianhas been effectively designated, the custodian's legalrepresentative shall designate as successor custodian any adultperson or financial institution in the manner prescribed insubsection 2 of this section and deliver the custodial propertyto the successor custodian.

5. The designation of a successor custodian by a custodianor the custodian's legal representative may be included in theinstrument placing custodial property into the name of thesuccessor custodian.

6. A custodian under the uniform gifts to minors law orsimilar law of any state may transfer custodial property tohimself as custodian or to a successor custodian for the minorunder the Missouri transfers to minors law in the mannerprescribed in section 404.047.

7. When a minor resides in a state other than Missouri, acustodian under the Missouri uniform gifts to minors law or theMissouri transfers to minors law may deliver the custodialproperty to any adult person or financial institution as asuccessor custodian for the minor under the uniform gifts tominors law, uniform transfers to minors law or similar law ofthe state where the minor resides, if, under the laws of thatstate, the custodianship will not terminate earlier than itwould terminate under section 404.051 and the ownership of thecustodial property will remain indefeasibly vested in the minor.

8. If the custodian or custodian's legal representativedoes not timely designate a successor custodian, then:

(1) If the minor is over fourteen years of age, the minormay designate an adult member of the minor's family, the minor'sconservator or guardian if the minor has one, or a financialinstitution as successor custodian in the manner prescribed insubsection 2 of this section; or

(2) If the minor is under fourteen years of age, the minor,a guardian or conservator of the minor, the transferor, legalrepresentative of the transferor, an adult member of the minor'sfamily or any person interested in the welfare of the minor, maypetition the court to designate a successor custodian.

9. A successor custodian shall hold the custodial propertyin the manner prescribed in section 404.047 and need notindicate the custodial capacity as a successor custodian.

10. A custodian who resigns, or the legal representative ofa deceased or incapacitated custodian, as soon as practicable,shall do all things within that person's lawful power to puteach item of the custodial property and the records of thecustodianship in the possession and control of a successorcustodian.

11. A minor who has attained the age of fourteen years, theminor's legal representative, an adult member of the minor'sfamily, a transferor, the transferor's legal representative, asuccessor custodian, a person who designated the custodian, orany person interested in the welfare of the minor, for goodcause shown, may petition the court to remove the custodian, todesignate a successor custodian, to require the custodian togive bond and to order delivery of the custodial property andrecords of the custodianship to the minor, a successor custodianor the minor's legal representative.