State Codes and Statutes
Statutes > Missouri > T26 > C404 > 404_440Transfer of property to personal custodian for incapacitatedbeneficiary--effect--powers, duties, and immunities ofcustodian--single custodian may serve more than one beneficiary.
404.440. 1. Property may be transferred to an adultbeneficiary, including a beneficiary who is or may become anincapacitated person on or after the date of the transfer, bytransferring the property to a personal custodian for thebeneficiary under sections 404.400 to 404.650.
2. By transferring property to a personal custodian for abeneficiary under sections 404.400 to 404.650, the transferorincorporates in the transfer all the provisions of sections404.400 to 404.650 and grants to the personal custodian and thirdpersons dealing with the personal custodian, the respectivepowers, rights and immunities provided in sections 404.400 to404.650. By holding property for a beneficiary as personalcustodian under sections 404.400 to 404.650, the personalcustodian assumes the obligation to administer the custodialproperty for the beneficiary as prescribed in sections 404.400 to404.650 and the provisions of any written agreement between thetransferor and personal custodian.
3. Only one person may be personal custodian under sections404.400 to 404.650 of the property transferred. A person may bea personal custodian of property for more than one beneficiary,but the personal custodian shall separately hold and administerthe custodial property for each beneficiary unless the propertyis transferred to the personal custodian for the use and benefitof multiple beneficiaries in accordance with subdivision (6) ofsubsection 1 of section 404.540.
(L. 1986 S.B. 651 § 3 subsecs. 1, 4, 5, A.L. 1989 H.B. 145)
