Mississippi Will for Minors

The statute which deals with transferring property to minors or their custodians under a Mississippi Will is found in chapter 20, title 91 of the Mississippi code of 1972:
SEC. 91-20-9. Transfer by irrevocable gift or exercise of appointment power in favor of custodian. A person may make a transfer by irrevocable gift to, or the irrevocable exercise of a power of appointment in favor of, a custodian for the benefit of a minor pursuant to Sec. 91-20-19. SEC. 91-20-11. Transfer to custodian by personal representative or trustee as authorized by will or trust; designation of custodian by personal representative or trustee. (1) A personal representative or trustee may make an irrevocable transfer pursuant to Sec. 91-20-19 to a custodian for the benefit of a minor as authorized in the governing will or trust. (2) If the testator or settlor has nominated a custodian under Sec. 91-20-7 to receive the custodial property, the transfer must be made to that person. (3) If the testator or settlor has not nominated a custodian under Sec. 91-20-7, or all persons so nominated as custodian die before the transfer or are unable, decline or are ineligible to serve, the personal representative or the trustee, as the case may be, shall designate the custodian from among those eligible to serve as custodian for property of that kind under Sec. 91-20-19 (1). SEC. 91-20-13. Transfer by personal representative, trustee, or conservator to another adult or trust company as custodian without authorization by will or trust; prerequisites. (1) Subject to subsection (3), a personal representative or trustee may make an irrevocable transfer to another adult or trust company as custodian for the benefit of a minor pursuant to Sec. 91-20-19, in the absence of a will or under a will or trust that does not contain an authorization to do so. (2) Subject to subsection (3), a conservator may make an irrevocable transfer to another adult or trust company as custodian for the benefit of the minor pursuant to Sec. 91-20-19. (3) A transfer under subsection (1) or (2) may be made only if (a) the personal representative, trustee or conservator considers the transfer to be in the best interest of the minor, (b) the transfer is not prohibited by or inconsistent with provisions of the applicable will, trust agreement or other governing instrument, and (c) the transfer is authorized by the court if it exceeds Ten Thousand Dollars ($10,000.00) in value. SEC. 91-20-19. Creation and transfer of custodial property. (1) Custodial property is created and a transfer is made whenever: (a) An uncertificated security or a certificated security in registered form is either: (i) Registered in the name of the transferor, an adult other than the transferor or a trust company, followed in substance by the words: “as custodian for ——– (name of minor) under the Mississippi Uniform Transfers to Minors Act”; or (ii) Delivered if in certificated form, or any document necessary for the transfer of an uncertificated security is delivered, together with any necessary endorsement to an adult other than the transferor or to a trust company as custodian, accompanied by an instrument in substantially the form set forth in subsection (2); (b) Money is paid or delivered to a broker or financial institution for credit to an account in the name of the transferor, an adult other than the transferor or a trust company, followed in substance by the words: “as custodian for ——– (name of minor) under the Mississippi Uniform Transfers to Minors Act”; (c) The ownership of a life or endowment insurance policy or annuity contract is either: (i) Registered with the issuer in the name of the transferor, an adult other than the transferor or a trust company, followed in substance by the words: “as custodian for ——– (name of minor) under the Mississippi Uniform Transfers to Minors Act”; or (ii) Assigned in a writing delivered to an adult other than the transferor or to a trust company whose name in the assignment is followed in substance by the words: “as custodian for ——– (name of minor) under the Mississippi Uniform Transfers to Minors Act”; (d) An irrevocable exercise of a power of appointment or an irrevocable present right to future payment under a contract is the subject of a written notification delivered to the payor, issuer or other obligor that the right is transferred to the transferor, an adult other than the transferor or a trust company, whose name in the notification is followed in substance by the words: “as custodian for ——– (name of minor) under the Mississippi Uniform Transfers to Minors Act”; (e) An interest in real property is recorded in the name of the transferor, an adult other than the transferor or a trust company, followed in substance by the words: “as custodian for ——– (name of minor) under the Mississippi Uniform Transfers to Minors Act”; (f) A certificate of title issued by a department or agency of a state or of the United States which evidences title to tangible personal property is either: (i) Issued in the name of the transferor, an adult other than the transferor or a trust company, followed in substance by the words: “as custodian for ——– (name of minor) under the Mississippi Uniform Transfers to Minors Act”; or (ii) Delivered to an adult other than the transferor or to a trust company, endorsed to that person followed in substance by the words: “as custodian for ——– (name of minor) under the Mississippi Uniform Transfers to Minors Act”; or (g) An interest in any property not described in paragraphs (1) through (6) is transferred to an adult other than the transferor or to a trust company by a written instrument in substantially the form set forth in subsection (b). (2) An instrument in the following form satisfies the requirements of paragraph (a)(ii) and (g) of subsection (1): “TRANSFER UNDER THE MISSISSIPPI UNIFORM TRANSFERS TO MINORS ACT I, ——– (name of transferor or name and representative capacity if a fiduciary) hereby transfer to ——– (name of custodian), as custodian for ——– (name of minor) under the Mississippi Uniform Transfers to Minors Act, the following: (insert a description of the custodial property sufficient to identify it). Dated: ——– ——– (Signature) ——– (name of custodian) acknowledges receipt of the property described above as custodian for the minor named above under the Mississippi Uniform Transfers to Minors Act. Dated: ——– ——– (Signature of Custodian)” (3) A transferor shall place the custodian in control of the custodial property as soon as practicable.

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