§ 34-13-116 — Nomination of future custodian

Wyoming § 34-13-116

• Jurisdiction: Wyoming
• Title 34: Property, Conveyances and Security Transactions
• Ch. 13: TRANSFERS TO MINORS

Text

(a) A person having the right to designate the recipient
of property transferable upon the occurrence of a future event
may revocably nominate a future custodian to receive the
property for a minor beneficiary upon the occurrence of the
event by naming the future custodian followed in substance by
the words: "as custodian for .... (name of minor) under the
Wyoming Uniform Transfers to Minors Act". The nomination may
name one (1) or more persons as substitute future custodians to
whom the property shall be transferred, in the order named, if
the first nominated future custodian dies before the transfer,
or is unable, declines or is ineligible to serve. The
nomination may be made in a will, a trust, an instrument
exercising a power of appointment or in a writing designating a
beneficiary of contractual rights which is delivered to the
payor, issuer or other obligor of the contractual rights.
(b) A future custodian nominated under this section shall
be a person to whom a transfer of property of that kind may be
made under W.S. 34-13-122(a).
(c) The nomination of a future 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 W.S. 34-13-122. Unless the
nomination of a future custodian has been revoked, upon the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 W.S. 34-13-122.