§ 565B.3 — Nomination of custodian

Iowa § 565B.3

• Jurisdiction: Iowa
• Title XIV: PROPERTY
• Ch. 565B: TRANSFERS TO MINORS

Text

1. A person having the right to designate the recipient of property transferable upon the
occurrence of a future event may revocably nominate a custodian to receive the property for
a minor beneficiary upon the occurrence of the event by naming the custodian, followed in
substance by the words: “as custodian for .................................... (name of minor) under the
Iowa 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 in 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.
2. A custodian nominated under this section must be a person to whom a transfer of
property of that kind may be made under section 565B.9, subsection 1.
3. The nomination of a custodian under this section does not create custodial property
until the nominating instrument becomes irrevocable or a transfer to the nominated
custodian is completed under section 565B.9. Unless the nomination of a custodian has been
revoked, upon the occurrence of the future event the custodianship becomes effective and
the custodian shall enforce a transfer of the custodial property pursuant to section 565B.9.