Vermont Statutes Title 14 Sec. 3216
Terms Used In Vermont Statutes Title 14 Sec. 3216
- Adult: means an individual who has attained 21 years of age. See
- Court: means the Probate Division of the Superior Court. See
- 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
- Financial guardian: means a person who has been appointed by the Probate Division as financial guardian for a minor pursuant to section 2659 of this title, or a person legally authorized to perform substantially the same functions. See
- Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
- Minor: means an individual who has not attained 21 years of age. 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
- 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.
§ 3216. Other transfer by fiduciary
(a) Subject to subsection (c) of this section, a personal representative or trustee may make an irrevocable transfer to another adult or trust company as custodian for the benefit of a minor, pursuant to section 3219 of this title, in the absence of a will or under a will or trust that does not contain an authorization to do so.
(b) Subject to subsection (c) of this section, a financial guardian may make an irrevocable transfer to another adult or trust company as custodian for the benefit of the minor, pursuant to section 3219 of this title.
(c) A transfer under subsection (a) or (b) of this section may be made only if:
(1) the personal representative, trustee, or financial 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 it exceeds $10,000.00 in value. (Added 2015, No. 7, § 1.)