Louisiana Revised Statutes 9:753 – Nomination of custodian
Terms Used In Louisiana Revised Statutes 9:753
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Custodial property: means any interest in property transferred to a custodian under this Subpart and the income from and proceeds of that interest in property. See Louisiana Revised Statutes 9:751
- Custodian: means a person so designated under Louisiana Revised Statutes 9:751
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Minor: means an individual who has not attained the age of twenty-two years. See Louisiana Revised Statutes 9:751
- Person: means an individual, corporation, organization, or other legal entity. See Louisiana Revised Statutes 9:751
- Transfer: means a transaction that creates custodial property under Louisiana Revised Statutes 9:751
A. 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 Louisiana Uniform Transfers to Minors Act.” The nomination may name one 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, 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.
B. A custodian nominated under this Section must be a person to whom a transfer of property of that kind may be made under La. Rev. Stat. 9:759(A).
C. 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 La. Rev. Stat. 9:759. Unless the nomination of a custodian has been revoked, upon the occurrence of the future event the custodianship becomes effective and the custodian shall enforce a transfer of the custodial property pursuant to La. Rev. Stat. 9:759.
Acts 1987, No. 469, §1, eff. Jan. 1, 1988.