Section 11.11 Persons Who May Be Custodians

• Library: Trusts and Powers 2013 Supp

G. (§11.11) Persons Who May Be Custodians

Any adult person who is at least 21 years of age may be named as custodian for a minor, including the donor and any financial institution. The 1993 amendment to the MTML removed the original reference to “trust company” and substituted the broader reference “financial institution.” A financial institution is defined as “a bank, trust company, savings and loan company or association, or credit union, chartered and supervised under state or federal law.” See §§ 404.007(1), (9), and (14) and 404.023, RSMo 2000. The 1989 amendment also provided that for a financial institution to be qualified to act as a custodian for a minor who is a resident of Missouri, it must be qualified to do business in Missouri. Section 404.035, RSMo 2000. The prior law, under the MUGML, also authorized the designation of the minor’s guardian as a permissible custodian. The subcommittee’s comments stated that the term “any adult person or trust company” would include a person who also acts for the minor in the capacity of a guardian or conservator.

Only one person may be the custodian of a minor’s custodianship. There is no provision for joint custodians. Section 404.021, RSMo 2000. This does not preclude a person from being custodian for more than one minor, but the custodial property of each...