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
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