Section 404.016

Title XXVI TRADE AND COMMERCE

Chapter 404

Effective - 28 Aug 1985   

  404.016.  Future transfers of property are revocable by donor, exception. — A provision in a will, trust, power of appointment, benefit plan, life or endowment insurance policy, annuity or other contract, or a pay or transfer on death direction, for a transfer of property to be made in the future to a custodian for a minor, made by a donor in the manner prescribed in subdivision (4) of subsection 1 of section 404.047, remains revocable by the donor until the property becomes transferable in accordance with the terms of the governing instrument to the minor or a custodian for the minor under sections 404.005 to 404.094, unless expressly made irrevocable at the time provision for the gift is made or subsequently.

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(L. 1985 S.B. 35, et al. § 2 subsec. 3)