Section 11.13 Manner of Making a Present Transfer

• Library: Trusts and Powers 2013 Supp

I. (§11.13) Manner of Making a Present Transfer

Section 404.023, RSMo 2000, states who a transferor may name as custodian for a present transfer, and § 404.047.1(1)–(3) and (5), RSMo 2000, states how the designation should be made for a present transfer. A present transfer means exactly what it says. Section 404.011, RSMo 2000, states that property may be transferred to a minor by transferring the property to a custodian for a minor under the MTML. Section 404.014, RSMo 2000, expressly states that, when this is done, the transfer is irrevocable and ownership of the property is indefeasibly vested in the minor.

When ownership of property is customarily determined by a specific type of written document or when ownership of property is customarily transferred by a specific type of written document, the MTML provides that the customary document be prepared in writing, placing the property in the name of the custodian to be used followed in substance by the words “as custodian for (name of minor) under the Missouri Transfers to Minors Law.” Section 404.047.1. These are the magic words for use in any transfer to a minor’s custodian although the statute provides examples for specific types of transactions.

The specific examples set out in § 404.047.1 include property for which a conveyance is filed with the recorder of deeds. This would include all present and future interests and estates in real estate that are customarily transferred by deed. Ownership of a lease could be transferred...