§ 72-26-606 — Other Transfer By Fiduciary

72-26-606 . Other transfer by fiduciary. (1) Subject to subsection (3), a personal representative or trustee may make an irrevocable transfer to another adult or trust company as custodian for the benefit of a minor pursuant to 72-26-603 , in the absence of a will or under a will or trust that does not contain an authorization to do so.
(2) Subject to subsection (3), a conservator may make an irrevocable transfer to another adult or trust company as custodian for the benefit of the minor pursuant to 72-26-603 .
(3) A transfer under subsection (1) or (2) may be made only if:
(a) the personal representative, trustee, or conservator considers the transfer to be in the best interest of the minor;
(b) the transfer is not prohibited by or inconsistent with provisions of the applicable will, trust agreement, or other governing instrument; and
(c) the transfer is authorized by the court if it exceeds $10,000 in value.

Legislative History

En. Sec. 8, Ch. 102, L. 1985.