Texas § PR.141.004 - NOMINATION OF CUSTODIAN

§ PR.141.004. NOMINATION OF CUSTODIAN

NOMINATION OF CUSTODIAN. (a) A person having the right to designate the recipient of property transferable on the occurrence of a future event may revocably nominate a custodian to receive the property for a minor beneficiary on the occurrence of that event by naming the custodian followed in substance by the words: "as custodian for (name of minor) under the Texas 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, an instrument exercising a power of appointment, or in a writing designating a beneficiary of contractual rights, including the right to receive payments from a benefit plan, that 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 Section 141.010 (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 Section 141.010 . Unless the nomination of a custodian has been revoked, the custodianship becomes effective on the occurrence of the future event, and the custodian shall enforce a transfer of the custodial property under Section 141.010 . Amended by Acts 1995, 74th Leg., ch. 1043, Sec. 1, eff. Sept. 1, 1995. Renumbered from Property Code Sec. 4 by Acts 1997, 75th Leg., ch. 165, Sec. 31.01(72), eff. Sept. 1, 1997. Amended by: Acts 2007, 80th Leg., R.S., Ch. 451 (H.B. 564 ), Sec. 17, eff. September 1, 2007.