54.864(2)
(2) Subject to
sub. (3), a conservator may make an irrevocable transfer to another adult or trust company as custodian for the benefit of the minor under
s. 54.870.
54.864(3)(a)
(a) The personal representative, trustee or conservator considers the transfer to be in the best interest of the minor;
54.864(3)(b)
(b) The transfer is not prohibited by or inconsistent with provisions of the applicable will, trust agreement or other governing instrument; and
54.864(3)(c)
(c) The transfer is authorized by the court if it exceeds $10,000 in value.
54.864 History
History: 1987 a. 191;
2005 a. 387 s.
532; Stats. 2005 s. 54.864.
54.866
54.866
Transfer by obligor. 54.866(1)
(1) Subject to
subs. (2) and
(3), a person not subject to
s. 54.862 or
54.864 who holds property of or owes a liquidated debt to a minor not having a conservator may make an irrevocable transfer to a custodian for the benefit of the minor under
s. 54.870.
54.866(2)
(2) If a person having the right to do so under
s. 54.858 has nominated a custodian under that section to receive the custodial property, the transfer must be made to that person.
54.866(3)
(3) If no custodian has been nominated under
s. 54.858, or all persons so nominated as custodian die before the transfer or are unable, decline or are ineligible to serve, a transfer under this section may be made to an adult member of the minor's family or to a trust company unless the property exceeds $10,000 in value.
54.866 History
History: 1987 a. 191;
2005 a. 387 s.
533; Stats. 2005 s. 54.866.
54.868
54.868
Receipt for custodial property. A written acknowledgment of delivery by a custodian constitutes a sufficient receipt and discharge for custodial property transferred to the custodian under
ss. 54.854 to
54.898.
54.868 History
History: 1987 a. 191;
2005 a. 387 s.
534; Stats. 2005 s. 54.868.
54.870
54.870
Manner of creating custodial property and effecting transfer; designation of initial custodian; control. 54.870(1)(1) Custodial property is created and a transfer is made whenever:
54.870(1)(a)
(a) An uncertificated security or a certificated security in registered form is either:
54.870(1)(a)1.
1. Registered in the name of the transferor, an adult other than the transferor or a trust company, followed in substance by the words: "as custodian for .... (name of minor) under the Wisconsin Uniform Transfers to Minors Act"; or
54.870(1)(a)2.
2. Delivered if in certificated form, or any document necessary for the transfer of an uncertificated security is delivered, together with any necessary endorsement to an adult other than the transferor or to a trust company as custodian, accompanied by an instrument in substantially the form set forth in
sub. (2);
54.870(1)(b)
(b) Money is paid or delivered, or a security held in the name of a broker, financial institution or its nominee is transferred, to a broker or financial institution for credit to an account in the name of the transferor, an adult other than the transferor or a trust company, followed in substance by the words: "as custodian for .... (name of minor) under the Wisconsin Uniform Transfers to Minors Act";
54.870(1)(c)
(c) The ownership of a life or endowment insurance policy or annuity contract is either:
54.870(1)(c)1.
1. Registered with the issuer in the name of the transferor, an adult other than the transferor or a trust company, followed in substance by the words: "as custodian for .... (name of minor) under the Wisconsin Uniform Transfers to Minors Act"; or
54.870(1)(c)2.
2. Assigned in a writing delivered to an adult other than the transferor or to a trust company whose name in the assignment is followed in substance by the words: "as custodian for .... (name of minor) under the Wisconsin Uniform Transfers to Minors Act";
54.870(1)(d)
(d) An irrevocable exercise of a power of appointment or an irrevocable present right to future payment under a contract is the subject of a written notification delivered to the payor, issuer or other obligor that the right is transferred to the transferor, an adult other than the transferor or a trust company, whose name in the notification is followed in substance by the words: "as custodian for .... (name of minor) under the Wisconsin Uniform Transfers to Minors Act";
54.870(1)(e)
(e) An interest in real property is recorded in the name of the transferor, an adult other than the transferor or a trust company, followed in substance by the words: "as custodian for .... (name of minor) under the Wisconsin Uniform Transfers to Minors Act";
54.870(1)(f)
(f) A certificate of title issued by a department or agency of a state or of the United States which evidences title to tangible personal property is either:
54.870(1)(f)1.
1. Issued in the name of the transferor, an adult other than the transferor or a trust company, followed in substance by the words: "as custodian for .... (name of minor) under the Wisconsin Uniform Transfers to Minors Act"; or
54.870(1)(f)2.
2. Delivered to an adult other than the transferor or to a trust company, endorsed to that person followed in substance by the words: "as custodian for .... (name of minor) under the Wisconsin Uniform Transfers to Minors Act"; or
54.870(1)(g)
(g) An interest in any property not described in
pars. (a) to
(f) is transferred to an adult other than the transferor or to a trust company by a written instrument in substantially the form set forth in
sub. (2).