Section 11.24 Collection of Custodial Property

• Library: Trusts and Powers 2013 Supp

B. (§11.24) Collection of Custodial Property

As soon as the custodian is designated, the custodian should collect the specific custodial assets of the minor and do those things necessary to complete the transfer of possession of the custodial property into the minor’s custodianship. Section 404.051.1, RSMo 2000. If the transfer is real estate, this may mean giving the tax assessor the name and address of the custodian for tax bills. If it is a business, the custodian should make certain that all business licenses are changed over to the custodianship. If the custodial property is a security and all the custodian has been given is the security certificate, the custodian should forward the stock power and certificate to the transfer agent for reregistration. The custodian is under a duty to keep custodial property separate and distinct from the custodian’s own property so that it is clearly identified as custodial property of...