Other transfers by fiduciary
Sec. 21. (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.
(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.
(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.
As added by P.L.267-1989, SEC.2.
Last modified: May 27, 2006