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Indiana Code Title 30. Trusts and Fiduciaries § 30-2-8.5-21

Current as of January 02, 2024 | Updated by Findlaw Staff

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.  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.

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Cite this article: FindLaw.com - Indiana Code Title 30. Trusts and Fiduciaries § 30-2-8.5-21 - last updated January 02, 2024 | https://codes.findlaw.com/in/title-30-trusts-and-fiduciaries/in-code-sect-30-2-8-5-21/

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