Section 11.15 Manner of Making a Future Transfer

• Library: Trusts and Powers 2013 Supp

K. (§11.15) Manner of Making a Future Transfer

Provision for a future transfer of property to a custodian for a minor may be made in a:

will; trust agreement; deed; power of appointment; benefit plan; life or endowment insurance policy; annuity or other contract; or pay or transfer on death direction.

Section 404.027.1, RSMo 2000. When the property becomes transferable to the minor beneficiary, the obligation to distribute to the designated custodian is binding on personal representatives, trustees, and persons who contract to make payment in the future. A bank that accepted a multiple party pay-on-death account with a direction to transfer it to a custodian for a minor on the death of the original account party should be contractually bound to make the transfer. Likewise, a life insurance company or benefit plan that accepted a beneficiary...