Sections 54.854 to 54.898 apply to a transfer within the scope of s. 54.856 made after April 8, 1988, if:
(1) The transfer purports to have been made under ss. 880.61 to 880.71, 1985 stats.; or (2) The instrument by which the transfer purports to have been made uses in substance the designation “as custodian under the Uniform Gifts to Minors Act” or “as custodian under the Uniform Transfers to Minors Act” of any other state, and the application of ss. 54.854 to 54.898 is necessary to validate the transfer.