529.03 CUSTODIAL TRUSTEE FOR FUTURE PAYMENT OR TRANSFER.
(a) A person having the right to designate the recipient of property payable or transferable
upon a future event may create a custodial trust upon the occurrence of the future event by
designating in writing the recipient, followed in substance by: "as custodial trustee for .........
(name of beneficiary) under the Minnesota Uniform Custodial Trust Act."
(b) Persons may be designated as substitute or successor custodial trustees to whom the
property must be paid or transferred in the order named if the first designated custodial trustee is
unable or unwilling to serve.
(c) A designation under this section may be made in a will, a trust, a deed, a multiple-party
account, an insurance policy, an instrument exercising a power of appointment, or a writing
designating a beneficiary of contractual rights. Otherwise, to be effective, the designation must be
registered with or delivered to the fiduciary, payor, issuer, or obligor of the future right.
History: 1990 c 476 s 3