A custodial account is an account for the benefit of a minor child and managed by a parent or another designated custodian. The custodial account is established under Sections 404.005 to 404.094 Revised Statutes of Missouri, the Missouri Transfers to Minors Law. The custodian normally controls the account until the child attains the age of 21. Accounts established under the Missouri Transfers to Minors Law are not considered as an available resource until the child is 21 years of age.
If the minor is an incapacitated person at the time the minor would otherwise be entitled to receive the custodial property free of the custodianship, the custodian shall deliver the custodial property to the incapacitated person’s conservator. If the incapacitated person has no conservator, the custodian may transfer the custodial property to any adult person or financial institution, including the custodian, as personal custodian for the incapacitated person under any law providing for custodianship of property for incapacitated adult persons.