§ 30-2-8.5-21 — Other transfers by fiduciary; guardian as custodian

Indiana § 30-2-8.5-21

• Jurisdiction: Indiana
• Art. 2: GENERAL PROVISIONS
• Ch. 8.5: Indiana Uniform Transfers to Minors Act

Text

(a) A personal representative or trustee may
make an irrevocable transfer to another adult or trust company as
custodian for the benefit of a minor under section 24 of this chapter in
the absence of a will or under a will or trust that does not contain an
authorization to do so. The personal representative or trustee may also
serve as the custodian of the transferred property if the personal
representative or trustee is qualified under section 24 of this chapter.
(b) A guardian may make an irrevocable transfer to another adult or
trust company as custodian for the benefit of the minor under section
24 of this chapter. The guardian may also serve as the custodian of the
transferred property if the guardian is qualified under section 24 of this
chapter.
(c) A transfer under subsection (a) or (b) may be made only if:
(1) the personal representative, trustee, or guardian considers the
transfer to be in the best interest of the minor;
(2) the transfer is not prohibited by or inconsistent with provisions
of the applicable will, trust agreement, or other governing
instrument; and
(3) the transfer is authorized by the court if the property
transferred exceeds ten thousand dollars ($10,000) in value.

Legislative History

As added by P.L.267-1989, SEC.2. Amended by P.L.95-2007, SEC.16.