14-7653
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14-7653. 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 the event by naming the custodian followed in substance by the words, "as custodian for _______________ (name of minor) under the Arizona 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 a writing designating a beneficiary of contractual rights which is registered with or delivered to the payor, issuer or other obligor of the contractual rights. B. A custodian nominated pursuant to this section must be a person to whom a transfer of property of that kind may be made pursuant to section 14-7659, subsection A. C. The nomination of a custodian pursuant to this section does not create custodial property until the nominating instrument becomes irrevocable or a transfer to the nominated custodian is completed pursuant to section 14-7659. Unless the nomination of a custodian has been revoked, on the occurrence of the future event the custodianship becomes effective and the custodian shall enforce a transfer of the custodial property pursuant to section 14-7659. |