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Current as of January 02, 2024 | Updated by Findlaw Staff
(a) The custodian shall transfer in an appropriate manner the custodial property to the minor or to the minor's estate upon the earlier of:
(1) The minor's attainment of twenty-one (21) years of age; provided, that this transfer can be withheld until the minor's attainment of up to twenty-five (25) years of age if the instrument so provides, and if the gift is an inter vivos gift, the instrument further expressly states that deferring termination of custodianship beyond the minor's attainment of twenty-one (21) years of age will cause the transfer to be a gift of a future interest which may have adverse federal and state gift tax consequences; or
(2) The minor's death.
(b) At any time a custodian may transfer part or all of the custodial property to a qualified minor's trust without court order. The transfer terminates the custodianship to the extent of the transfer.
Cite this article: FindLaw.com - Tennessee Code Title 35. Fiduciaries and Trust Estates § 35-7-121 - last updated January 02, 2024 | https://codes.findlaw.com/tn/title-35-fiduciaries-and-trust-estates/tn-code-sect-35-7-121/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.
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