404.560. Termination of custodianship, demand of or at death of beneficiary--TOD agreement with personal custodian absent a will, payment of claims, distribution.

MISSOURI STATUTES AND CODES

404.560. Termination of custodianship, demand of or at death of beneficiary--TOD agreement with personal custodian absent a will, payment of claims, distribution.

Termination of custodianship, demand of or at death ofbeneficiary--TOD agreement with personal custodian absent a will,payment of claims, distribution.

404.560. 1. To the extent that the custodial property hasnot been expended, the personal custodian shall deliver thecustodial property in an appropriate manner, free of thecustodianship, as follows:

(1) To an adult beneficiary on demand, if the beneficiaryat the time is not incapacitated; or

(2) On the beneficiary's death, to the beneficiary'sestate, unless the beneficiary has made provision for adistribution under subsection 2 of this section.

2. A beneficiary competent to execute a will may enter intoa written agreement with the personal custodian in which thepersonal custodian is directed and authorized on death of thebeneficiary to:

(1) Settle the affairs of the personal custodianship andpay all expenses incurred by the custodianship before thebeneficiary's death and in connection with settling the affairsof the custodianship and distributing the custodial property atdeath;

(2) Pay any debts or taxes that were owing by thebeneficiary before death and any debts, taxes and expense owingas a result of the beneficiary's death and distribution of thecustodial property at death, including the expense of thebeneficiary's last illness, funeral and the cost of a gravemarker; and

(3) Transfer and distribute the custodial propertyremaining in accordance with a written beneficiary designation ortransfer on death direction that has been delivered to thepersonal custodian and that has been signed by the beneficiary,dated and acknowledged or proved and certified in the mannerprescribed by law for conveyances of real estate.

3. A beneficiary's written agreement with the personalcustodian and any beneficiary designation or transfer on deathdirection executed pursuant to subsection 2 of this sectionremains revocable during the beneficiary's lifetime unlessexpressly made irrevocable at the time executed or subsequently,and may not be made or revoked for the beneficiary by an attorneyin fact or legal representative unless approved by court order.

4. A personal custodian closing a beneficiary's custodialestate by making a distribution of property under subsection 2 ofthis section shall give the beneficiary's spouse, children andheirs at law thirty days' advance written notice of thedistribution to be made; and shall file for record in the probatedivision of the circuit court within thirty days of makingdistribution, a notice setting forth the names and addresses ofthe deceased beneficiary, the personal custodian and each personthat received a distribution of custodial property.

5. If the personal custodian does not deliver the custodialproperty in accordance with subsection 1 or 2 of this section, abeneficiary who is not incapacitated, a person entitled to thecustodial property or the beneficiary's personal representativemay petition the court to declare the personal custodianshipterminated and to order delivery of the custodial property freeof the custodianship to the beneficiary, the persons entitledthereto or the beneficiary's estate.

6. To the extent the custodial property is real property, aconveyance and delivery of the real property by anonincapacitated beneficiary, by the persons entitled thereto orby the beneficiary's personal representative, shall terminate thepersonal custodian's powers, duties and rights with respect tothe real property.