Source: http://www.moga.mo.gov/mostatutes/Chapters/ChapText404.html
Timestamp: 2017-10-23 07:48:22
Document Index: 29109452

Matched Legal Cases: ['§ 16', '§ 2', '§ 2', '§ 2', '§ 2', '§ 2', '§ 3', '§ 3', '§ 9', '§ 11', '§ 12', '§ 15', '§ 2', '§ 3', '§ 3', '§ 4', '§ 4', '§ 4', '§ 4', '§ 4', '§ 4', '§ 7', '§ 9', '§ 12', '§ 13', '§ 1', '§ 12', '§ 404', '§ 1']

Chapter 404 RSMO
Transfers to Minors--Personal Custodian and Durable Power of Attorney
←Chapter: 403
Chapter: 407→ August 28, 2016
404.005. Sections 404.005 to 404.094 may be cited as the "Missouri Transfers to Minors Law".
(L. 1985 S.B. 35, et al. § 16)
404.007. As used in sections 404.005 to 404.094, unless the context otherwise requires, the following terms shall mean:
Transfer of property to a minor by transferring to a custodian,effect--power limitations.
404.011. Property may be transferred to a person, who is a minor on the date of the transfer, by transferring the property to a custodian for the minor under sections 404.005 to 404.094.
(L. 1985 S.B. 35, et al. § 2 subsec. 1)
Present transfer of property, effect.
404.014. A present transfer of property to a custodian for a minor, made by a transferor in the manner prescribed in subdivisions (1), (2), (3) and (5) of subsection 1 of section 404.047, is irrevocable and indefeasibly vests ownership of the property in the minor subject to the custodianship provided in sections 404.005 to 404.094 for the benefit of the minor, and neither the minor nor the minor's legal representative has any right, power, duty or authority with respect to the custodial property except as prescribed in sections 404.005 to 404.094.
(L. 1985 S.B. 35, et al. § 2 subsec. 2)
Future transfers of property are revocable by donor, exception.
404.016. A provision in a will, trust, power of appointment, benefit plan, life or endowment insurance policy, annuity or other contract, or a pay or transfer on death direction, for a transfer of property to be made in the future to a custodian for a minor, made by a donor in the manner prescribed in subdivision (4) of subsection 1 of section 404.047, remains revocable by the donor until the property becomes transferable in accordance with the terms of the governing instrument to the minor or a custodian for the minor under sections 404.005 to 404.094, unless expressly made irrevocable at the time provision for the gift is made or subsequently.
(L. 1985 S.B. 35, et al. § 2 subsec. 3)
Custodian and third persons dealing with custodian, powers, duties,immunities.
404.018. By transferring property to a custodian for a minor under sections 404.005 to 404.094, the transferor incorporates in the transfer all the provisions of sections 404.005 to 404.094 and grants to the custodian and third persons dealing with the custodian the respective powers, rights and immunities provided in sections 404.005 to 404.094. By holding property for a minor as custodian under sections 404.005 to 404.094, the custodian assumes the obligation to administer the custodial property for the minor as prescribed in sections 404.005 to 404.094.
(L. 1985 S.B. 35, et al. § 2 subsec. 4)
Single custodianship--but custodian may serve more than one minor.
404.021. A transfer of property under sections 404.005 to 404.094 may be made to only one minor and only one person may be custodian of the property transferred. A person may be a custodian of property for more than one minor, but the custodian shall separately hold and administer the custodial property for each minor.
(L. 1985 S.B. 35, et al. § 2 subsec. 5)
Custodians for present transfers of property, who may serve.
404.023. A donor making a present transfer of property to a minor may designate and transfer the property to any adult person or financial institution, including the donor, as custodian for the minor under sections 404.005 to 404.094.
(L. 1985 S.B. 35, et al. § 3 subsec. 1, A.L. 1989 H.B. 145)
Custodians for future transfers, who may serve--lapse ofcustodianship, effect--substitute custodians, power todesignate--revocation.
404.027. 1. A donor making a future transfer of property to a beneficiary under a will, trust, deed, power of appointment, benefit plan, life or endowment insurance policy, annuity or other contract, or a pay or transfer on death direction, may revocably designate, or grant to another person a general or limited power to revocably designate, any adult person or financial institution, including the holder of the power, as custodian under sections 404.005 to 404.094 for a beneficiary who may be a minor at the time the property becomes transferable.
Custodian if no appointed conservator, who may serve--approval ofcourt required when--bond required when--court's powers.
404.031. 1. If there is no appointed conservator for administration of a minor's estate, any person indebted to a minor, including a personal representative, trustee, benefit plan, insurance company, agency of any state or of the United States, or any person holding property belonging to a minor, not having a power from a donor to designate a custodian, may designate and transfer the property to any adult person or financial institution, including the transferor if a member of the minor's family, as custodian for the minor under sections 404.005 to 404.094.
Qualifications of custodians--transfers to persons not qualified,effect.
404.035. An adult person or financial institution shall not be qualified to be designated custodian for property of a minor who is a resident of this state if the person or financial institution is not qualified to be appointed conservator of the estate of the minor under subsection 2 of section 475.055 or if the financial institution is not legally authorized to do business in this state. A transfer of property to a person not qualified to act as custodian for the minor under sections 404.005 to 404.094 subjects the person to removal as custodian under subsection 11 of section 404.057, but does not affect the minor's ownership of the property and the immunities of third persons dealing with the custodian, nor relieve the unqualified person of any duties or responsibilities imposed on custodians under sections 404.005 to 404.094.
(L. 1985 S.B. 35, et al. § 3 subsecs. 6, 7, A.L. 1989 H.B. 145)
Additional property of minor transferred to custodian, when--guardianor conservator appointed by court may serve as custodian,when--custodian's rights in other property of minor.
404.041. 1. When a custodianship has been established for a minor, the court may authorize the custodian to accept and receive into the custodianship any additional property that belongs to the minor, with or without bond and with or without court supervision, upon such terms and conditions as the court may require.
Transfer of property to custodian, procedure, forms--receipt fordelivery of property deemed a release.
404.047. 1. The designation of a custodian and transfer of property to the custodian shall be made in the following manner:
(1) If the subject of the custodianship is property for which a conveyance is filed with a recorder of deeds, property for which a certificate of ownership or similar title instrument is issued by an agency of any state or of the United States, property which is maintained in registered name, property which is evidenced by a written instrument, or property which is deposited in an account with a broker or financial institution, by executing a deed, assignment, endorsement or other appropriate writing placing the property in the name of the designated custodian followed in substance by the words: "as custodian for .............. (name of minor) under the Missouri Transfers to Minors Law";
(2) If the subject of the custodianship is money or an unregistered security, by having it paid or delivered to a broker or financial institution for the account of the person designated custodian followed in substance by the words: "as custodian for .............. (name of minor) under the Missouri Transfers to Minors Law";
(3) If the subject of the custodianship is a transfer of property by the irrevocable exercise of a power of appointment or a transfer of an irrevocable present right to a future payment, by giving written notice to the holder of the property or payment obligor that the property or right is transferred to the person designated custodian followed in substance by the words: "as custodian for .............. (name of minor) under the Missouri Transfers to Minors Law";
(4) If the subject of the custodianship is to be a future transfer of property under a will, trust, deed, power of appointment, benefit plan, life or endowment insurance policy, annuity or other contract, or a pay or transfer on death direction, by making the gift or beneficiary designation in the name of the designated custodian followed in substance by the words: "as custodian for .............. (name of minor) under the Missouri Transfers to Minors Law", or by naming the minor as beneficiary of the gift and providing for alternate distribution of the property to a custodian for the minor under sections 404.005 to 404.094 in the event the beneficiary is a minor at the time the property becomes transferable;
TRANSFER UNDER THE MISSOURI TRANSFERS TO MINORS LAW
I, .............., (name of donor or transferor and representative capacity, if any) hereby assign and deliver to ...... ........(name of custodian), as custodian for .............. (name of minor) under the Missouri Transfers to Minors Law, the following: (insert a description of the custodial property sufficient to identify it).
......... ............................. Signature
.............. (name of custodian)
acknowledges receipt of the property described above as custodian for the minor named above under the Missouri Transfers to Minors Law.
Custodial trusts, transfer of property, how--legal title, beneficialtitle, held how--laws applicable to.
404.049. 1. A custodianship for a minor shall be treated as a custodial trust for a minor 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".
Powers of custodian, limitation--termination of custodianship, when,procedure--degree of care required for custodial property.
404.051. 1. The custodian shall collect, hold, maintain, manage, invest and reinvest the custodial property. The custodian may accept a transfer of additional property for the same minor into the custodianship and may consolidate into a single custodianship custodial property received for the same minor from multiple transfers or transferors.
Compensation and expenses of custodian--bond required,when--custodian's claims not lien on custodial property.
404.054. 1. A custodian is entitled to reimbursement from custodial property for reasonable expenses incurred in the performance of the custodian's duties.
Successor custodian designation on renunciation, resignation, death,incapacity, nonresident minor or removal of custodian.
404.057. 1. A person designated as a custodian may decline to serve by delivering a written renunciation to the person who made the designation or to the transferor or the transferor's legal representative. If at the time of the transfer there is no substitute custodian who is able and willing to serve as custodian, the person who made the designation, a person with a power from the donor to designate a custodian, the transferor or the transferor's legal representative shall designate a substitute custodian.
404.061. A third person, including an issuer of securities, transfer agent, financial institution, broker, life insurance company, benefit plan, personal representative, or trustee, in good faith and without court order, may act on the instructions of or otherwise deal with any person purporting to make a transfer under sections 404.005 to 404.094 or purporting to act in the capacity of a custodian, successor custodian or legal representative of a custodian and, in the absence of actual knowledge, is not responsible for determining:
404.067. 1. A claim based on: (i) a contract entered into by a custodian acting in a custodial capacity, (ii) an obligation arising from the ownership or control of custodial property, or (iii) a tort committed during the custodianship, may be asserted against the custodial property by proceeding against the custodian in the custodial capacity.
2. A custodian is not personally liable:
3. A minor is not personally liable for an obligation arising from ownership of custodial property or for a tort committed during the custodianship unless the minor is personally at fault.
(L. 1985 S.B. 35, et al. § 9)
Accounting by and determination of liability of custodian--timelimitations for minor bringing action.
404.071. 1. A minor who has attained the age of fourteen years, the minor's legal representative, an adult member of the minor's family, a person interested in the welfare of the minor, a transferor, a transferor's legal representative, a successor custodian, or a person who designated the custodian, may petition the court for an accounting by the custodian or the custodian's legal representative.
Effect on prior existing custodianship.
404.077. Any transfer of property to a custodian, or designation of a custodian for property to be transferred in the future as now permitted in sections 404.005 to 404.094, purporting to have been made before September 28, 1985, is validated notwithstanding that there was no specific authority in the Missouri uniform gifts to minors law for the transfer of property of that kind or for a transfer from that source or in that manner at the time the transfer was made.
(L. 1985 S.B. 35, et al. § 11)
Uniformity of application and construction--not to be exclusivemethod of transferring property to a minor.
404.081. 1. Sections 404.005 to 404.094 shall be applied and construed to effectuate their general purpose to make uniform the law with respect to the subject of sections 404.005 to 404.094 among states enacting a similar law.
2. Sections 404.005 to 404.094 shall not be construed as providing an exclusive method of transferring property to a minor.
(L. 1985 S.B. 35, et al. § 12)
Repeal of uniform gifts to minors not to affect transfers--use of wordcustodian, how defined.
404.087. 1. The repeal of the Missouri uniform gifts to minors law, sections 404.010 to 404.100, shall not affect transfers made in a manner prescribed in sections 404.010 to 404.100, nor the powers, duties and immunities conferred by transfers in that manner upon custodians and persons dealing with custodians. The provisions of sections 404.005 to 404.094 henceforth apply to all transfers made in a manner and form prescribed in the Missouri uniform gifts to minors law, except insofar as the application impairs constitutionally vested rights or extends the duration of custodianships in existence on September 28, 1985. In all other respects, sections 404.005 to 404.094 shall be construed as a continuation of the provisions of the Missouri uniform gifts to minors law.
Jurisdiction for transfers to minors and custodianship to be probatedivision of circuit court, procedure--appointment of guardian orconservator, court may specify duties.
404.091. 1. The probate division of the circuit court may hear and determine all matters pertaining to custodians for minors and the administration of minor custodianships under sections 404.005 to 404.094 of this act*, the uniform gifts to minors law and the uniform transfers to minors law.
Conflicts of interest--guardian or conservator ad litem appointed,when, compensation.
404.093. 1. Notwithstanding any other provision of law, if it is suggested in a petition filed by the minor, a creditor, a person interested in the welfare of the minor, or other interested person, including a member of the minor's family who may have a property right or claim against or an expectancy, reversionary or other interest in the estate of the minor, or if it affirmatively appears to the court that there is a possible conflict of interest between the minor and the custodian, the court may appoint a guardian or conservator ad litem to represent the minor in any proceeding to adjudicate any right affected by the possible conflict of interest. The guardian or conservator ad litem shall have only such authority as is provided in the order of appointment and shall serve until discharged by the court.
Law of Missouri to apply, when--other state's laws applicable, when.
404.094. 1. Sections 404.005 to 404.094 apply to a transfer that refers to the Missouri transfers to minors law in the designation under section 404.047 by which the transfer is made if at the time of the transfer, the transferor, the minor or the custodian is a resident of this state or the custodial property is located in this state. The custodianship so created remains subject to sections 404.005 to 404.094 despite a subsequent change in residence of a transferor, the minor or the custodian, or the removal of custodial property from this state.
404.400. Sections 404.400 to 404.650 may be cited as the "Missouri Personal Custodian Law".
(L. 1986 S.B. 651 § 15)
404.410. As used in sections 404.400 to 404.660, unless the context otherwise requires, the following terms shall mean:
Personal custodian established by adult beneficiary--who mayserve--revocation--effect--powers, duties and immunities ofcustodian--single custodian may serve more than one beneficiary.
404.420. 1. An adult person who is not an incapacitated person may transfer property which he owns to any adult person or financial institution as personal custodian to hold and administer for him as beneficiary of a personal custodianship under sections 404.400 to 404.650. A transfer of property to a personal custodian made by a beneficiary in the manner prescribed in section 404.540 is revocable by the beneficiary in the manner prescribed in sections 404.560 and 404.570. Ownership of the property transferred remains indefeasibly vested in the beneficiary, subject to the personal custodianship provided in sections 404.400 to 404.650 for the benefit of the beneficiary.
Incapacitation of beneficiaries, effect on powers and duties ofcustodian--immunities of third parties.
404.430. The incapacitation of a beneficiary who has transferred property to a personal custodian does not terminate the personal custodianship, directions given by the beneficiary to the personal custodian, the designation of a successor personal custodian, any of the powers or authorities of the personal custodian or the immunities of third persons acting on directions of the personal custodian. When a beneficiary becomes incapacitated, the personal custodian shall hold and administer the custodial property in accordance with the provisions of sections 404.400 to 404.650 applicable to incapacitated beneficiaries and the provisions of any written agreement between the beneficiary and the personal custodian.
(L. 1986 S.B. 651 § 2 subsec. 3)
Transfer 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 adult beneficiary, including a beneficiary who is or may become an incapacitated person on or after the date of the transfer, by transferring the property to a personal custodian for the beneficiary under sections 404.400 to 404.650.
Present transfer, effect.
404.450. A present transfer of property to a personal custodian for a beneficiary, made by a transferor in the manner prescribed in subdivisions (1), (2), (3) and (5) of subsection 1 of section 404.540, is irrevocable and indefeasibly vests ownership of the property in the beneficiary subject to the personal custodianship provided in sections 404.400 to 404.650 for the benefit of the beneficiary, and neither the beneficiary nor an incapacitated beneficiary's legal representative has any right, power, duty or authority with respect to the custodial property except as prescribed in sections 404.400 to 404.650.
(L. 1986 S.B. 651 § 3 subsec. 2)
Future transfers of property revocable by donor, exception.
404.460. A provision in a will, trust, power of appointment, benefit plan, life or endowment insurance policy, annuity or other contract, or a pay or transfer on death direction, for a transfer of property to be made in the future to a custodian for a beneficiary, made by a donor in the manner prescribed in subdivision (4) of subsection 1 of section 404.540, remains revocable by the donor until the property becomes transferable in accordance with the terms of the governing instrument to the beneficiary or a personal custodian for the beneficiary under sections 404.400 to 404.650, unless expressly made irrevocable at the time provision for the gift is made or subsequently.
(L. 1986 S.B. 651 § 3 subsec. 3)
Custodian designation by donor on present transfer, who may serve.
404.470. A donor making a present transfer of property to a beneficiary may designate and transfer the property to any adult person or financial institution, including the donor, as personal custodian for the beneficiary under sections 404.400 to 404.650.
(L. 1986 S.B. 651 § 4 subsec. 1)
Custodian designation by donor for future transfer, who mayserve--lapse of custodianship, effect--substitute custodians,power to designate--revocation.
404.480. 1. A donor making a future transfer of property to a beneficiary under a will, trust, deed, power of appointment, benefit plan, life or endowment insurance policy, annuity or other contract, or a pay or transfer on death direction, may revocably designate, or grant to another person a general or limited power to revocably designate, any adult person or financial institution, including the holder of the power, as personal custodian under sections 404.400 to 404.650 for a beneficiary who may be an incapacitated person at the time the property becomes transferable.
2. When the property becomes transferable to the beneficiary, the donor's personal representative, trustee, benefit plan, insurance company or contract obligor shall transfer the property to the designated personal custodian in the manner prescribed in subdivisions (1), (2), (3) and (5) of subsection 1 of section 404.540 for the type of property to be transferred. If, at the time the property becomes transferable, the beneficiary is not an incapacitated person, the personal custodian designation shall lapse and the property may be transferred directly to the beneficiary.
3. The designation of a personal custodian for a future transfer of property may include the designation of one or more substitute personal custodians to whom the property shall be transferred in the order named in the event the prior named personal custodian declines or is not qualified to serve as personal custodian, or is deceased or incapacitated. A donor or a person exercising a power from a donor may revoke or change the designation of a personal custodian or substitute personal custodian for a future transfer of property by revoking the designation or making a new designation before the property becomes transferable.
(L. 1986 S.B. 651 § 4 subsec. 2)
Custodian designation by person indebted to beneficiary, who mayserve--court approval required, court's powers.
404.490. 1. If there is no appointed conservator for administration of an incapacitated beneficiary's estate, any person indebted to an incapacitated beneficiary, including a personal representative, trustee, benefit plan, insurance company, agency of any state or of the United States, or any person holding property belonging to an incapacitated beneficiary, not having a power from a donor to designate a personal custodian, may designate and transfer the property to any adult person or financial institution, including the transferor if a member of the beneficiary's family, as personal custodian for the incapacitated beneficiary under sections 404.400 to 404.650.
Acceptance of additional property by custodian, court approvalrequired, court's powers.
404.500. When a personal custodianship has been established for a beneficiary, the court may authorize the personal custodian to accept and receive into the personal custodianship any additional property that belongs to a beneficiary who is or has become incapacitated, with or without bond and with or without court supervision, upon such terms and conditions as the court may require.
(L. 1986 S.B. 651 § 4 subsec. 6)
Court's designation of custodian, when--who may serve, court's powers.
404.510. If the court determines under chapter 475 that full administration of an incapacitated person's estate is not required, the court may designate and direct that all or a part of the property owned by the incapacitated person be transferred to any adult person or financial institution, including a court appointed conservator or guardian, to hold and administer under sections 404.400 to 404.650 as personal custodian for the incapacitated beneficiary, with or without bond and with or without court supervision, upon such terms and conditions as the court may require.
(L. 1986 S.B. 651 § 4 subsec. 7)
Custodian's rights in other property of beneficiary.
404.520. A personal custodian has no right because of designation as personal custodian to possession, control, income or proceeds of any property belonging to the beneficiary that is not transferred to the personal custodian by the beneficiary, a donor or a person indebted to the beneficiary, except as authorized by the court under sections 404.500 and 404.510.
(L. 1986 S.B. 651 § 4 subsec. 8)
Qualifications of personal custodians, transfer to person notqualified, effect.
404.530. An adult person or financial institution shall not be qualified to be designated personal custodian for property of a beneficiary who is a resident of this state if the person or financial institution is not qualified to be appointed conservator of the estate of the beneficiary under subsection 2 of section 475.055 or if the financial institution is not legally authorized to do business in this state. A transfer of property to a person not qualified to act as personal custodian for the beneficiary under sections 404.400 to 404.650 subjects the person to removal as personal custodian under subsection 9 of section 404.590, but does not affect the beneficiary's ownership of the property and the immunities of third persons dealing with the personal custodian, nor relieve the unqualified person of any duties or responsibilities imposed on personal custodians under sections 404.400 to 404.650.
(L. 1986 S.B. 651 § 4 subsec. 5, A.L. 1989 H.B. 145)
404.540. 1. The designation of a personal custodian and transfer of property to the personal custodian shall be made in the following manner:
(1) If the subject of the custodianship is property for which a conveyance is filed with a recorder of deeds, property for which a certificate of ownership or similar title instrument is issued by an agency of any state or of the United States, property which is maintained in registered name, property which is evidenced by a written instrument or property which is deposited in an account with a broker or financial institution, by executing a deed, assignment, endorsement or other appropriate writing placing the property in the name of the designated personal custodian followed in substance by the words: "as personal custodian for ................... (name of beneficiary) under the Missouri Personal Custodian Law";
(2) If the subject of the custodianship is money or an unregistered security, by having it paid or delivered to a broker or financial institution for the account of the person designated personal custodian followed in substance by the words: "as personal custodian for ................... (name of beneficiary) under the Missouri Personal Custodian Law";
(3) If the subject of the custodianship is a transfer of property by the irrevocable exercise of a power of appointment or a transfer of an irrevocable present right to future payment, by giving written notice to the holder of the property or payment obligor that the property or right is transferred to the person designated personal custodian followed in substance by the words: "as personal custodian for ................... (name of beneficiary) under the Missouri Personal Custodian Law";
(4) If the subject of the custodianship is to be a future transfer of property under a will, trust, deed, power of appointment, benefit plan, life or endowment insurance policy, annuity or other contract, or a pay or transfer on death direction, by making the gift or beneficiary designation in the name of the designated personal custodian followed in substance by the words: "as personal custodian for ...................... (name of beneficiary) under the Missouri Personal Custodian Law", or by naming the beneficiary of the gift and providing for alternate distribution of the property to a personal custodian for the beneficiary under sections 404.400 to 404.650 in the event the beneficiary is incapacitated at the time the property becomes transferable;
TRANSFER UNDER THE MISSOURI PERSONAL CUSTODIAN LAW
I, ................. (name of beneficiary, donor or transferor and representative capacity, if any) hereby assign and deliver to ............... (name of personal custodian), as personal custodian for .................... (myself or name of beneficiary) under the Missouri Personal Custodian Law, the following: (insert a description of the custodial property sufficient to identify it).
Dated: ...................... ............................. ..................... Signature
............................. (name of personal custodian) acknowledges receipt of the property described above as personal custodian for the beneficiary named above under the Missouri Personal Custodian Law. Dated: .......................
(6) Property is transferred to a personal custodian for the use and benefit of two or more persons by placing the property in the name of the designated personal custodian and stating the names of the multiple beneficiaries in substance as follows: ".......... (name of personal custodian) as personal custodian for .......... and ......... (names of beneficiaries), under the Missouri Personal Custodian Law." The style in which the property is placed may include the interests and estates of the custodial beneficiaries in the custodial property as among themselves.
404.545. 1. A personal custodianship for an adult beneficiary shall be treated as a custodial trust whenever property is transferred to any adult person or financial institution followed in substance with the words "as custodial trustee for ........ (name of beneficiary or beneficiaries) under the Missouri Personal Custodian Law".
Duties and powers of personal custodian, directions of beneficiary,court's powers, contract with beneficiary.
404.550. 1. The personal custodian shall collect, hold, maintain, manage, invest and reinvest the custodial property. The personal custodian may accept a transfer of additional property for the same beneficiary into the personal custodianship and may consolidate into a single custodianship custodial property received for the same beneficiary from multiple transfers or transferors.
Termination of custodianship, demand of or at death ofbeneficiary--TOD agreement with personal custodian absent a will,payment of claims, distribution.
404.560. 1. To the extent that the custodial property has not been expended, the personal custodian shall deliver the custodial property in an appropriate manner, free of the custodianship, as follows:
Multiple beneficiaries of custodial property, administered,how--termination of custodianship, death of beneficiaries,effect.
404.565. 1. During the lifetimes of multiple beneficiaries, ownership of custodial property between a husband and wife is presumed to be held as tenants by the entireties and among other persons, custodial property is presumed to be of equal undivided interests in the custodial property which are indefeasibly vested in the beneficiaries as tenants in common, subject to the provisions of sections 404.400 to 404.650, unless the title document provides otherwise or there is clear and convincing written evidence of a different intent of the beneficiaries or the persons creating the personal custodianship.
Rights of creditors, surviving spouse and unmarried minorchildren--action for accounting by distributee of nonprobatetransfer.
404.570. 1. If a deceased beneficiary's probate estate is not sufficient to pay claims, taxes and expenses of administration, including statutory allowances to the surviving spouse and unmarried minor children, the persons that receive a nonprobate transfer of the beneficiary's custodial property under sections 404.560 and 404.565 shall be liable to account to the deceased beneficiary's personal representative for a pro rata share of the value received from the personal custodianship that the decedent owned beneficially immediately before death to the extent necessary to discharge the claims and charges remaining unpaid after application of the funds and property in the decedent's estate. This subsection does not apply to a death benefit paid pursuant to a life or accidental death insurance policy held by the custodian; and it does not apply to survivorship rights in custodial property held as tenants by the entireties.
404.580. 1. Subject to any written agreement with the beneficiary, a personal custodian is entitled to reimbursement from custodial property for reasonable expenses incurred in the performance of the personal custodian's duties.
2. Subject to any written agreement, a personal custodian who is not a donor may each year elect to receive from the custodial property reasonable compensation for services as personal custodian. If an election is not affirmatively made during the calendar year, the right to compensation for that year shall lapse.
3. A personal custodian is not required to give a bond for the performance of the personal custodian's duties unless required by court order.
4. No claim of a personal custodian for expenses or compensation shall constitute a claim or lien on custodial property transferred by the personal custodian to a third person or to the beneficiary.
(L. 1986 S.B. 651 § 7)
Successor custodian designation on renunciation, resignation, death,incapacity or removal of custodian.
404.590. 1. A person designated as a personal custodian may decline to serve by delivering a written renunciation to the person who made the designation or to the transferor or the transferor's legal representative. If at the time of the transfer there is no substitute personal custodian who is able and willing to serve as custodian, the person who made the designation, a person with a power from the donor to designate a personal custodian, the transferor or the transferor's legal representative shall designate a substitute personal custodian.
404.600. A third person, including an issuer of securities, transfer agent, financial institution, broker, life insurance company, benefit plan, personal representative or trustee, in good faith and without court order, may act on the instructions of or otherwise deal with any person purporting to make a transfer under sections 404.400 to 404.650 or purporting to act in the capacity of a personal custodian, successor personal custodian or legal representative of a personal custodian and, in the absence of actual knowledge, is not responsible for determining:
(1) The validity of the purported personal custodian's or successor personal custodian's designation;
(2) The propriety of, or the authority under sections 404.400 to 404.650 or under a contract between the beneficiary and personal custodian for, any act of the purported personal custodian;
(3) The validity or propriety under sections 404.400 to 404.650 of any instrument or instructions executed or given by the person purporting to make a transfer under sections 404.400 to 404.650 or by the purported personal custodian;
(4) The propriety of the application or use of any custodial property by the personal custodian;
(5) The validity of a delivery of custodial property by a personal custodian or legal representative of a personal custodian to a successor personal custodian;
(6) The validity of a delivery of custodial property by the personal custodian to the beneficiary or whether the beneficiary is incapacitated at the time of the delivery; or
(7) Whether the beneficiary is under any legal disability or incapacity at the time or subsequent to when any act is performed by or for the beneficiary with respect to the personal custodianship.
(L. 1986 S.B. 651 § 9)
404.610. 1. A claim based on: (i) a contract entered into by a personal custodian acting in a custodial capacity, (ii) an obligation arising from the ownership or control of custodial property, or (iii) a tort committed during the personal custodianship, may be asserted against the custodial property by proceeding against the personal custodian in the custodial capacity.
Accounting by custodian, approval by court, waiver--determination ofliability of custodian--time limitations for beneficiary to bringactions.
404.620. 1. The beneficiary, the legal representative of an incapacitated or deceased beneficiary, a successor personal custodian, an adult member of an incapacitated beneficiary's family or any interested person, including any person interested in the welfare of the beneficiary, may petition the court for an accounting by the personal custodian or the personal custodian's legal representative.
Uniformity of application and construction--not to be exclusive methodof transferring property to an incapacitated person.
404.630. 1. Sections 404.400 to 404.650 shall be applied and construed to effectuate their general purpose to make uniform the law with respect to the subject of sections 404.400 to 404.650 among states enacting a similar law.
2. Sections 404.400 to 404.650 shall not be construed as providing an exclusive method of placing property in the custody of another person or transferring property to an incapacitated person.
(L. 1986 S.B. 651 § 12)
Jurisdiction for transfers to personal custodianship.
404.640. 1. The probate division of the circuit court may hear and determine all matters pertaining to personal custodians and the administration of personal custodianships under sections 404.400 to 404.650.
2. The provisions of chapter 472 apply to judicial proceedings involving personal custodianships to the extent they apply to judicial proceedings involving trusts and are not inconsistent with sections 404.400 to 404.650.
3. If the probate division of the circuit court appoints a guardian or conservator for a beneficiary of a personal custodianship, after notice and hearing, the court may specify in an order the duties and responsibilities of the beneficiary's legal representatives and personal custodians and the manner in which they shall coordinate the exercise of their respective powers and duties for and on behalf of the beneficiary.
4. Upon the filing of any petition as provided in sections 404.400 to 404.650, the court shall issue an order directed to such persons and returnable on such notice as the court may require, to show cause why the relief prayed for in the petition should not be granted and, in due course, shall proceed to grant such relief as the court finds to be in the best interest of the beneficiary of the personal custodianship.
(L. 1986 S.B. 651 § 13)
404.648. 1. Notwithstanding any other provision of law, if it is suggested in a petition filed by the beneficiary, a creditor, a person interested in the welfare of the beneficiary, or other interested person, including a member of the beneficiary's family who may have a property right or claim against or an expectancy, reversionary or other interest in the estate of the beneficiary, or if it affirmatively appears to the court that the beneficiary is disabled or incapacitated and there is a possible conflict of interest between the beneficiary and the personal custodian or a custodial trustee, the court may appoint a guardian or conservator ad litem to represent the beneficiary in any proceeding to adjudicate any right affected by the possible conflict of interest. The guardian or conservator ad litem shall have only such authority as is provided in the order of appointment and shall serve until discharged by the court.
404.650. 1. Sections 404.400 to 404.650 apply to a transfer that refers to the Missouri personal custodian law in the designation under section 404.540 by which the transfer is made if at the time of the transfer the transferor, the beneficiary or the personal custodian is a resident of this state or the custodial property is located in this state. The personal custodianship so created remains subject to sections 404.400 to 404.650 despite a subsequent change in residence of a transferor, the beneficiary or the personal custodian, or the removal of custodial property from this state.
404.700. Sections 404.700 to 404.735 may be cited as the "Durable Power of Attorney Law of Missouri".
(L. 1989 H.B. 145 § 1)
404.703. As used in sections 404.700 to 404.735 the following terms mean:
Durable power of attorney, procedure to create, requirements, effect,recording not required, exception--person appointed has no duty toexercise authority conferred, exception.
404.705. 1. The authority granted by a principal to an attorney in fact in a written power of attorney is not terminated in the event the principal becomes wholly or partially disabled or incapacitated or in the event of later uncertainty as to whether the principal is dead or alive if:
Principal may appoint multiple attorneys in fact--authority may bejoint or several--qualifications--persons disqualified.
404.707. 1. A principal may appoint more than one attorney in fact in one or more powers of attorney and may provide that the authority conferred on two or more attorneys in fact shall or may be exercised either jointly or severally or in a manner, with such priority and with respect to such subjects as is provided in the power of attorney.
Name in which acts are performed and property held--property andaccounts of principal to be kept separate--how identified.
404.712. 1. An attorney in fact acting for the principal under a power of attorney shall clearly indicate his capacity and shall keep the principal's property and accounts separate and distinct from all other property and accounts in a manner to identify the property and accounts clearly as belonging to the principal.
Duties of attorney in fact.
404.714. 1. An attorney in fact who elects to act under a power of attorney is under a duty to act in the interest of the principal and to avoid conflicts of interest that impair the ability of the attorney in fact so to act. A person who is appointed an attorney in fact under a power of attorney, either durable or not durable, who undertakes to exercise the authority conferred in the power of attorney, has a fiduciary obligation to exercise the powers conferred in the best interests of the principal, and to avoid self-dealing and conflicts of interest, as in the case of a trustee with respect to the trustee's beneficiary or beneficiaries; and in the absence of explicit authorization, the attorney in fact shall exercise a high degree of care in maintaining, without modification, any estate plan which the principal may have in place, including, but not limited to, arrangements made by the principal for disposition of assets at death through beneficiary designations, ownership by joint tenancy or tenancy by the entirety, trust arrangements or by will or codicil. Unless otherwise provided in the power of attorney or in a separate agreement between the principal and attorney in fact, an attorney in fact who elects to act shall exercise the authority granted in a power of attorney with that degree of care that would be observed by a prudent person dealing with the property and conducting the affairs of another, except that all investments made on or after August 28, 1998, shall be in accordance with the provisions of the Missouri prudent investor act, sections 469.900 to 469.913. If the attorney in fact has special skills or was appointed attorney in fact on the basis of representations of special skills or expertise, the attorney in fact has a duty to use those skills in the principal's behalf.
Modification and termination of power of attorney--liability betweenprincipal and attorney in fact.
Exemption of third persons from liability.
404.719. 1. A third person, who is acting in good faith, without liability to the principal or the principal's successors in interest, may rely and act on any power of attorney executed by the principal; and, with respect to the subjects and purposes encompassed by or separately expressed in the power of attorney, may rely and act on the instructions of or otherwise contract and deal with the principal's attorney in fact or successor attorney in fact and, in the absence of actual knowledge, as defined in subsection 3 of this section, is not responsible for determining and has no duty to inquire as to any of the following:
Liability as between principal and third person.
404.721. 1. As between the principal and third persons, the authority granted in a power of attorney shall terminate on the date of termination, if any, set out in the power of attorney or on the date when the third person acquires actual knowledge of the death of the principal or that the authority granted in the power of attorney has been suspended, modified or terminated.
Delegation of powers, successor attorneys in fact--court's powers,appointments for incapacitated or disabled persons.
404.723. 1. An attorney in fact or successor from time to time may revocably delegate any or all of the powers granted in a durable power of attorney to one or more qualified persons, subject to any directions or limitations of the principal expressed in the power of attorney, but the attorney in fact making the delegation shall remain responsible to the principal for the exercise or nonexercise of the powers delegated.
Compensation of attorney in fact.
404.725. Subject to the provisions of the power of attorney and any separate agreement, an attorney in fact is entitled to reasonable compensation for services rendered to the principal as attorney in fact and reimbursement for reasonable expenses incurred as a result of acting as attorney in fact for the principal.
(L. 1989 H.B. 145 § 12)
Accounting, determination of disability, modification and termination,limitation or removal of attorney in fact and limitations forprincipal to bring actions.
404.727. 1. The principal may petition the court for an accounting by the principal's attorney in fact or the legal representative of the attorney in fact. If the principal is disabled, incapacitated or deceased, a petition for accounting may be filed by the principal's legal representative, an adult member of the principal's family or any person interested in the welfare of the principal.
Scope and application of law--application of law to nondurable powersof attorney.
404.730. 1. Sections 404.700 to 404.735 apply to the acts and transactions in this state of attorneys in fact under powers of attorney executed in this state or by residents of this state; and also apply to acts and transactions of attorneys in fact in this state or outside this state under powers of attorney that refer to the durable power of attorney law of Missouri in the instrument creating the power of attorney, if any of the following conditions are met:
Jurisdiction of probate division of circuit court--guardian orconservator ad litem appointed, when.
404.731. 1. The probate division of the circuit court may hear and determine all matters pertaining to acts and transactions of an attorney in fact performed or undertaken under a power of attorney on behalf of a principal who is disabled or incapacitated, or who has become deceased.
Repeal of sections 486.550 to 486.595 does not affect validity ofexisting durable powers of attorney.
404.735. 1. The repeal of the Missouri durable power of attorney law, sections 486.550 to 486.595, shall not affect the validity of durable powers of attorney created under that law, the validity of the acts and transactions of attorneys in fact under authority granted in durable powers of attorney executed under that law, or the duties of attorneys in fact under durable powers of attorney executed under that law.
Exceptions to amendments of durable power of attorney law enacted in1997.
404.737. The amendments to the durable power of attorney law of Missouri enacted in 1997 are effective August 28, 1997, and shall apply, except that, as to powers of attorney executed prior to January 1, 1999, the laws in effect prior to August 28, 1997, shall apply if such prior laws shall be more favorable to construing said powers of attorney to:
(1) Be durable; or
(2) Grant a power sought to be exercised by the attorney-in-fact.
(L. 1998 H.B. 1103 § 404.734 merged with S.B. 537)
404.810. Section 404.710, section 404.714, section 404.705, subsections 1 and 2 of section 404.707, section 404.717, subsection 1 and 2 of section 404.723, section 404.727, and section 404.731 shall apply to powers granted under sections 404.800 to 404.865. No other provisions of sections 404.700 to 404.735 shall apply to the durable power of attorney for health care act unless specifically incorporated by reference therein.
Physician, health care facility, not to serve as attorney infact--exceptions.
404.815. Notwithstanding any other provision of law to the contrary, an attending physician or an employee of the attending physician, or an owner, operator or employee of a health care facility in which the patient is a resident, shall not serve as an attorney in fact unless:
Withdrawing or withholding treatment, specific authorityrequired--restrictions.
404.820. 1. If a patient wishes to confer on an attorney in fact the authority to direct a health care provider to withhold or withdraw artificially supplied nutrition and hydration, the patient shall specifically grant such authority in the power of attorney. This limitation shall not be construed to require that artificially supplied nutrition and hydration be continued when, in the medical judgment of the attending physician, the patient cannot tolerate it.
Health care decisions, attorney in fact to consider medicaldiagnosis.
404.822. In making any health care decision in accordance with sections 404.800 to 404.865, the attorney in fact shall seek and consider information concerning the patient's medical diagnosis, the patient's prognosis and the benefits and burdens of the treatment to the patient. In withdrawing treatment, which withdrawal will allow the preexisting condition to run its natural course, the attorney in fact shall seek evidence of the medical diagnosis and the prognosis and the benefit and burden of the treatment to the patient to the extent possible within prevailing medical standards.
Examination of patient required, content.
404.825. Unless the patient expressly authorizes otherwise in the power of attorney, the powers and duties of the attorney in fact to make health care decisions shall commence upon a certification by two licensed physicians based upon an examination of the patient that the patient is incapacitated and will continue to be incapacitated for the period of time during which treatment decisions will be required and the powers and duties shall cease upon certification that the patient is no longer incapacitated. One of the certifying physicians may be the patient's attending physician. The certification shall be made according to accepted medical standards. The determination of incapacity shall be periodically reviewed by the attending physician. The certification shall be incorporated into the medical records and shall set forth the facts upon which the determination of incapacity is based and the expected duration of the incapacity. Other provisions of this section to the contrary notwithstanding, certification of incapacity by at least one physician is required.
Physician, health care facility, may refuse decision of attorneyin fact, when--transfer from facility allowed.
Execution of durable power of attorney not to be required.
404.835. 1. It shall be unlawful for a physician, nurse or other individual who is a health care provider or an employee of a health care facility, hospital, nursing facility, residential care facility or other health care facility to require an individual to execute a durable power of attorney for health care as a condition for the provision of health care services or admission to a health care facility.
Medical records to include durable power of attorney, when--effect.
404.840. 1. A copy of a power of attorney for health care decisions shall be made a part of the patient's medical record when the existence of the power of attorney becomes known to the patient's health care provider and prior to the provider's taking any action pursuant to the decision of the attorney in fact.
Death resulting from withholding treatment, not to be suicide orhomicide, when.
404.845. 1. Nothing contained in sections 404.800 to 404.865 shall revoke, amend or limit the operation of chapter 565.
Prior durable power of attorney remains valid, when.
404.847. Nothing contained in sections 404.800 to 404.865 shall be construed to invalidate any durable power of attorney executed prior to August 28, 1991, which permits an attorney in fact to make health care decisions for the principal. The provisions of sections 404.710 and 404.820 henceforth apply to durable powers of attorney for health care executed prior to August 28, 1991. In the absence of a specific writing, decisions regarding nutrition and hydration must be made in accordance with state and federal law.
Revocation, procedure, effect.
404.850. 1. A power of attorney for health care may be revoked at any time and in any manner by which the patient is able to communicate the intent to revoke. Revocation shall be effective upon communication of such revocation by the patient to the attorney in fact or to the attending physician or health care provider.
Liability, immunity from, when.
404.855. A third person, if acting in good faith, may rely and act on the instruction of and deal with the attorney in fact acting pursuant to the authority granted in a power of attorney for health care without liability to the patient or the patient's successors in interest.
Delegation of decision-making authority by attorney in factprohibited, when.
404.865. Notwithstanding the provisions of subsection 1 of section 404.723, an attorney in fact shall not be authorized to delegate such health care decision-making power to another person unless explicitly authorized by the patient in the durable power of attorney for health care to make such delegation.
Handicapped or disabled, discrimination against not allowed.
404.870. Nothing in sections 404.710 to 404.865 shall be construed to authorize, approve or condone discrimination against the handicapped or the disabled in the exercise of the authority of a durable power of attorney for health care. Decisions based on factors listed in section 404.822 shall not be considered discriminatory.
(L. 1991 S.B. 148 § 1)
Refusal to honor health care decision, discrimination prohibited,when.