404.490. Custodian designation by person indebted to beneficiary, who may serve--court approval required, court's powers.
Custodian designation by person indebted to beneficiary, who mayserve--court approval required, court's powers.
404.490. 1. If there is no appointed conservator foradministration of an incapacitated beneficiary's estate, anyperson indebted to an incapacitated beneficiary, including apersonal representative, trustee, benefit plan, insurancecompany, agency of any state or of the United States, or anyperson holding property belonging to an incapacitatedbeneficiary, not having a power from a donor to designate apersonal custodian, may designate and transfer the property toany adult person or financial institution, including thetransferor if a member of the beneficiary's family, as personalcustodian for the incapacitated beneficiary under sections404.400 to 404.650.
2. Approval of the court shall be obtained for anydesignation under subsection 1 of this section of a personalcustodian that is not a financial institution, if the value ofthe property at the time of transfer to the designated personalcustodian exceeds ten thousand dollars. The court may approvethe designation under subsection 1 of this section of any personto act as personal custodian to hold and administer the propertywith or without bond and with or without court supervision, uponsuch terms as the court may require, and may order transfer ofthe property to a court supervised conservator.
(L. 1986 S.B. 651 § 4 subsecs. 3, 4)