385.032 Nomination of custodian.

244 words·~1 min read·/ky/chapter-385/385-032

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(1)A person having the right to designate the recipient of property transferable upon

the occurrence of a future event may revocably nominate a custodian to receive the

property for a minor beneficiary upon the occurrence of the event by naming the

custodian followed in substance by the words: "as custodian for ---------- (name of

minor) under the Kentucky Uniform Transfers to Minors Act." The nomination

may name one

(1)or more persons as substitute custodians to whom the property

must be transferred in the order named, if the first nominated custodian dies before

the transfer or is unable, declines, or is ineligible to serve. The nomination may be

made in a will, a trust, a deed, an instrument exercising a power of appointment, or

in a writing designating a beneficiary of contractual rights which is registered with

or delivered to the payor, issuer, or other obligor of the contractual rights.

(2)A custodian nominated under this section must be a person to whom a transfer of

property of that kind may be made under KRS 385.092(1).

(3)The nomination of a custodian under this section does not create custodial property

until the nominating instrument becomes irrevocable or a transfer to the nominated

custodian is completed under KRS 385.092. Unless the nomination of a custodian

has been revoked, upon the occurrence of the future event the custodianship

becomes effective and the custodian shall enforce a transfer of the custodial

property pursuant to KRS 385.092.