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POD on a TXUTMA?

Question: 
Can TXUTMA account have a POD?
Answer: 

Answer by John Burnett:I have reviewed the Texas Uniform Transfers to Minors Act and have found no provision for a pay on death transfer. If the custodian dies, there is a provision for the naming of a successor or replacement custodian. If the minor dies, the law requires that the custodian surrender the custodial property to the minor's estate.

One state I know that does provide for payment to a third party on the death of the minor is Oklahoma. I am not aware of any state with a similar provision.

Answer: 

Answer by Randy Carey:For the citation to which John refers:

Sec. 141.021. TERMINATION OF CUSTODIANSHIP. The custodian shall transfer in an appropriate manner the custodial property to the minor or to the minor's estate on the earlier of the date:

(1) the minor attains 21 years of age, with respect to custodial property transferred under Section 141.005 or 141.006;

(2) the minor attains the age of majority under the laws of this state other than this chapter, with respect to custodial property transferred under Section 141.007 or 141.008; or

(3) the minor's death.

First published on BankersOnline.com 6/08/09

First published on 06/08/2009

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