Section 11.48 Uniform Transfers to Minors Act Approved July 1983 by the National Conference of Commissioners on Uniform State Laws

• Library: Trusts and Powers 2013 Supp

A. (§11.48) Uniform Transfers to Minors Act Approved July 1983 by the National Conference of Commissioners on Uniform State Laws

Section 1. Definitions

The definitions are generally the same. The Missouri definition of “benefit plan” is expanded to include individual retirement accounts (IRAs) while uniform law appears to be limited to employer and partnership plans. But the Uniform Transfers to Minors Act (UTMA) § 3, 8C U.L.A. 13, 25 (2001), authorizes designations of custodians for future transfers under instruments that would include IRAs. Definitions for “donor,” “guardian,” “incapacitated person,” and “property” are included in Missouri law. The definition for “transfer” is omitted. This is Missouri Transfers to Minors Law (MTML), §§ 404.005–404.094, RSMo 2000, § 404.007, RSMo 2000.

Section 2. Scope and Jurisdiction

This is MTML § 404.094, RSMo 2000.

Section 3. Nomination of Custodian

The UTMA provides for the “nomination” of custodians of future gifts. The MTML, in §§ 404.016, 404.027.1, and 404.047, RSMo 2000, provides for designating custodians for transfers of property in the future under wills, trusts, insurance, benefit plans, etc.

The MTML expressly authorizes a donor to grant a third person a power to designate a custodian for a future transfer. This is implied in UTMA § 3 for persons given a power of appointment to designate the recipient of a gift. Otherwise, UTMA § 5 implies that power to name a...