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

MISSOURI STATUTES AND CODES

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

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

404.590. 1. A person designated as a personal custodian maydecline to serve by delivering a written renunciation to theperson who made the designation or to the transferor or thetransferor's legal representative. If at the time of thetransfer there is no substitute personal custodian who is ableand willing to serve as custodian, the person who made thedesignation, a person with a power from the donor to designate apersonal custodian, the transferor or the transferor's legalrepresentative shall designate a substitute personal custodian.

2. A nonincapacitated beneficiary may revocably designate,or grant to another person a general or limited power torevocably designate, at any time one or more successor personalcustodians by executing and dating an instrument of designationbefore a subscribing witness other than a successor personalcustodian. If the beneficiary does not designate a successorpersonal custodian or is incapacitated, the personal custodianmay revocably designate at any time one or more successorpersonal custodians in a will or by executing and dating aninstrument of designation before a subscribing witness other thana successor personal custodian. If the instrument of designationdoes not contain or is not accompanied by the personalcustodian's resignation, the designation of a successor does nottake effect until the personal custodian resigns, dies, becomesincapacitated or is removed. Successor personal custodians servein the order named in the event a prior named personal custodiandeclines or is not qualified to serve as personal custodian, oris deceased or incapacitated.

3. A personal custodian may resign at any time by deliveringwritten notice to the beneficiary and the successor personalcustodian and delivering the custodial property and records ofthe personal custodianship to the beneficiary, if notincapacitated, or to the successor personal custodian.

4. If the personal custodian dies or becomes incapacitated,the personal custodian's legal representative shall deliver thecustodial property to a beneficiary who is not incapacitated orto a successor personal custodian. If no successor personalcustodian has been effectively designated and if the beneficiaryis incapacitated, the personal custodian's legal representativeshall designate as successor personal custodian any adult personor financial institution in the manner provided in subsection 2of this section and deliver the custodial property to thesuccessor personal custodian.

5. The designation of a successor personal custodian by apersonal custodian or the personal custodian's legalrepresentative may be included in the instrument placingcustodial property into the name of the successor personalcustodian.

6. If the personal custodian or the personal custodian'slegal representative does not timely designate a successorpersonal custodian for an incapacitated beneficiary, the legalrepresentative of an incapacitated beneficiary, an adult memberof the incapacitated beneficiary's family or any personinterested in the welfare of the beneficiary, may petition thecourt to designate a successor personal custodian.

7. A successor personal custodian shall hold the custodialproperty in the manner prescribed in section 404.540 and need notindicate the custodial capacity as a successor personalcustodian.

8. A personal custodian who resigns, or the legalrepresentative of a deceased or incapacitated personal custodian,as soon as practicable, shall do all things within that person'slawful power to put each item of the custodial property and therecords of the personal custodianship in the possession andcontrol of the beneficiary or of a successor personal custodian.

9. The beneficiary, the beneficiary's legal representative,an adult member of an incapacitated beneficiary's family, asuccessor personal custodian or any person interested in thewelfare of the beneficiary, for good cause shown, may petitionthe court to remove the personal custodian, to designate asuccessor personal custodian, to require the personal custodianto give bond and to order delivery of the custodial property andrecords of the custodianship to the beneficiary, a successorpersonal custodian or the beneficiary's legal representative.