New Jersey Statutes 46:38A-6. Revocable nomination of custodian based upon happening of future event
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Terms Used In New Jersey Statutes 46:38A-6
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Custodian: means a person so designated under R. See New Jersey Statutes 46:38A-2
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Minor: means an individual who has not attained the age of 21 years. See New Jersey Statutes 46:38A-2
- Person: means an individual, corporation, organization, or other legal entity. See New Jersey Statutes 46:38A-2
- Transfer: means a transaction that creates custodial property under R. See New Jersey Statutes 46:38A-2
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 New Jersey Uniform Transfers to Minors Act.” The nomination may name one or more persons as substitute custodians to whom the property shall 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. A custodian nominated under this section shall be a person to whom a transfer of property of that kind may be made under R.S. 46:38A-19
L. 1987, c. 18, s. 1.