Transfer authorized by will or trust
Sec. 20. (a) A personal representative or trustee may make an
irrevocable transfer under section 24 of this chapter to a custodian
for the benefit of a minor as authorized in the governing will or trust.
(b) If the testator or settlor has nominated a custodian under
section 18 of this chapter to receive the custodial property, the
transfer shall be made to that person.
(c) If the testator or settlor has not nominated a custodian under
section 18 of this chapter, or a person nominated as custodian dies
before the transfer or is unable, declines, or is ineligible to serve, the
personal representative or the trustee shall designate the custodian
from among those eligible to serve as custodian for property of that
kind under section 24(a) of this chapter.
As added by P.L.267-1989, SEC.2.
Last modified: May 27, 2006