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

MISSOURI STATUTES AND CODES

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

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

404.480. 1. A donor making a future transfer of property toa beneficiary under a will, trust, deed, power of appointment,benefit plan, life or endowment insurance policy, annuity orother contract, or a pay or transfer on death direction, mayrevocably designate, or grant to another person a general orlimited power to revocably designate, any adult person orfinancial institution, including the holder of the power, aspersonal custodian under sections 404.400 to 404.650 for abeneficiary who may be an incapacitated person at the time theproperty becomes transferable.

2. When the property becomes transferable to thebeneficiary, the donor's personal representative, trustee,benefit plan, insurance company or contract obligor shalltransfer the property to the designated personal custodian in themanner prescribed in subdivisions (1), (2), (3) and (5) ofsubsection 1 of section 404.540 for the type of property to betransferred. If, at the time the property becomes transferable,the beneficiary is not an incapacitated person, the personalcustodian designation shall lapse and the property may betransferred directly to the beneficiary.

3. The designation of a personal custodian for a futuretransfer of property may include the designation of one or moresubstitute personal custodians to whom the property shall betransferred in the order named in the event the prior namedpersonal custodian declines or is not qualified to serve aspersonal custodian, or is deceased or incapacitated. A donor ora person exercising a power from a donor may revoke or change thedesignation of a personal custodian or substitute personalcustodian for a future transfer of property by revoking thedesignation or making a new designation before the propertybecomes transferable.