385.032 Nomination of custodian.
(1)
(2)
(3)
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.
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).
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has been revoked, upon the occurrence of the future event the custodianship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.
Effective: July 15, 1986
History: Created 1986 Ky. Acts ch. 182, sec. 3, effective July 15, 1986.
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