Section 11.28 Record Keeping, Accounting, and Limitations

• Library: Trusts and Powers 2013 Supp

F. (§11.28) Record Keeping, Accounting, and Limitations

A custodian is required to keep records of all transactions respecting the custodial property and is required to furnish the minor, if the minor has attained the age of 14 years, the minor’s parents, an adult member of the minor’s family if the minor has no living parent, and a legal representative of the minor with the information necessary to file the minor’s income tax returns, if any. Section 404.051.12, RSMo 2000. There is no requirement for an annual or other periodic settlement, but the above parties are entitled to inspection of the custodian’s records at reasonable intervals. Id. Good business practice suggests that a custodian, even a donor parent, annually prepare an income and expense statement and a balance sheet for the custodial property held and review it with the minor. By the time a minor is age 8, it is surprising what the minor can comprehend if a little time is spent with them.

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