Section 11.14 When Present Transfer Is Complete

• Library: Trusts and Powers 2013 Supp

J. (§11.14) When Present Transfer Is Complete

A present transfer is complete and custodial property is created when the custodian is designated by the appropriate writing in accordance with the requirements for the property involved. Section 404.047.2, RSMo 2000. The transferor must thereafter, as soon as practicable, do all things to put the custodian in possession and control of the property transferred to the minor and to provide such evidence of ownership of the property as is customary for the property involved, but a failure to do so does not affect the existence of the custodianship. Section 404.047.3. Neither delivery of the property to the custodian nor acceptance by the custodian is necessary to create a minor’s custodianship. If the custodian renounces or resigns as custodian, provision is made for the appointment of a substitute or successor custodian. Section 404.057.1, RSMo 2000.

The essential elements of a valid gift of property are:

intention of the donor to make a gift; delivery to the donee; and acceptance by the donee.

Cartall v. St. Louis Union Trust Co., 153 S.W.2d 370 (Mo. 1941); Atl. Nat. Bank of Jacksonville, Fla. v. St. Louis Union Trust Co., 211 S.W.2d 2 (Mo. 1948). Establishment of an account in the statutory form under the MTML is a prima facie showing of a gift. Gulmen v. Gulmen, 913 S.W.2d 852 (Mo. App. E.D. 1995).

The transfer document is a sufficient expression of intent, but if the donor names him- or herself as custodian and does nothing more, it could be argued that the custodianship never became active, i.e...