Section 11.6 Creation of Custodial Trust for Minors
Library | Trusts and Powers 2013 Supp |
B. (§11.6) Creation of Custodial Trust for Minors
Section 404.049, RSMo 2000, authorizes the creation of a custodial trust for a minor. A custodial trust is created “whenever property is transferred to any adult person or financial institution followed in substance with the words ‘as custodial trustee for . . . (name of minor) under the Missouri Transfers to Minors Law.’” Id. If the word “custodian” is used instead of “custodial trustee,” a custodial agency relationship, or custodianship, is created rather than a custodial trust and vice versa.
Regardless of whether a custodianship or a custodial trust is created, all provisions of the MTML apply, including provisions for proceedings...
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