Vermont Statutes Title 14 Sec. 3215
Terms Used In Vermont Statutes Title 14 Sec. 3215
- Custodial property: means :
- Custodian: means a person so designated under section 3219 of this title or a successor or substitute custodian designated under section 3228 of this title. See
- Minor: means an individual who has not attained 21 years of age. See
- Person: means an individual, corporation, organization, or other legal entity. See
- Personal representative: means an executor, administrator, successor personal representative, or special administrator of a decedent's estate or a person legally authorized to perform substantially the same functions. See
- Testator: A male person who leaves a will at death.
- Transfer: means a transaction that creates custodial property under section 3219 of this title. See
- Trustee: A person or institution holding and administering property in trust.
§ 3215. Transfer authorized by will or trust
(a) A personal representative or trustee may make an irrevocable transfer pursuant to section 3219 of this title 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 3213 of this title to receive the custodial property, the transfer must be made to that person.
(c) If the testator or settlor has not nominated a custodian under section 3213 of this title, or all persons so nominated as custodian die before the transfer or are unable, decline, or are ineligible to serve, the personal representative or the trustee, as the case may be, shall designate the custodian from among those eligible to serve as custodian for property of that kind under subsection 3219(a) of this title. (Added 2015, No. 7, § 1.)