Section 11.12 Persons Who May Be Transferors

• Library: Trusts and Powers 2013 Supp

H. (§11.12) Persons Who May Be Transferors

Any person or corporation may use the MTML to transfer property to a minor by the designation of a custodian to hold the property for the minor. A donor is unrestricted in using the law to transfer property to a minor as a gift; so is any person making the transfer under a power from the donor. A donor may transfer any amount of money or value to a custodianship without court approval. Sections 404.007(8), 404.023, and 404.027.1, RSMo 2000. The donor may, of course, restrict or limit a third person in the exercise of the donor’s power to designate a custodian, but the law does not. Section 404.027.1. Persons who might be used to designate a custodian for a minor could include:

· a relative;

· an attorney in fact;

· a personal representative;

· a trustee;

· an insurance company; and

· a benefit plan administrator, among others.

Even a governmental agency could be given the power, but care would have to...