Illinois General Assembly - Illinois Compiled Statutes

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760 ILCS 20/4

(760 ILCS 20/4) (from Ch. 110 1/2, par. 254)

Sec. 4.

Nomination of Custodian.

(a) 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
Illinois Uniform Transfers to Minors Act".  The nomination may name
one or more persons as substitute custodians to whom the property must 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 any governing instrument including, without
limitation, a will, a trust, a deed, an instrument exercising
a power of appointment, or 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.

(b) A custodian nominated under this Section must be a person to whom a
transfer of property of that kind may be made under Section 10(a).

(c) The nomination of a 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 Section 10.  Unless the
nomination of a custodian has been revoked, upon the occurrence of the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 Section 10.

(Source: P.A. 84-1129.)