House File 232, which was discussed in my blog article of last month was signed by the Governor on June 1, 2023. Said bill also amends Section 633.555 to provide that in situations where a conservator has not been appointed for a minor, property due to a minor, not exceeding the aggregate of $50,000.00, shall be paid or delivered to one or more of the following:
- A custodian under the uniform transfer to minor account established for the protected person pursuant to Chapter 565B or the laws of any other state.
- A custodial trustee under a uniform custodial trust account established for the protected person pursuant to Chapter 633F or the laws of any other state.
- An account owner or participant under a college savings plan account established for the protected person pursuant to Section 529 of the Internal Revenue Code or Chapter 12D.
- The account owner under an ABLE account established for the protected person with disabilities pursuant to Section 529A of the Internal Revenue Code or Chapter 12I.
- The structured settlement obligor, as defined in Section 682.2, of a structured settlement, as defined in Section 682.2, established for the benefit of the protected person, where the protected person will not begin receiving payments from the structured settlement prior to reaching the age of eighteen.
The Act goes on to provide that if a conservator has not been appointed for a minor, and the money due to a minor or other property to which a minor is entitled exceeds fifty thousand dollars in the aggregate, the property may be paid or delivered in the manner set forth above only if such transfer is authorized by the Court.
Finally, the Act provides that the written receipt of the custodian constitutes an acquittance of the person making the payment of money or delivery of property.