Kentucky Statutes 385.052 – Transfer authorized by will or trust
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(1) A personal representative or trustee may make an irrevocable transfer pursuant to KRS § 385.092 to a custodian for the benefit of a minor as authorized in the governing will or trust.
(2) If the testator or settlor has nominated a custodian under KRS § 385.032 to receive the custodial property, the transfer must be made to that person.
(3) If the testator or settlor has not nominated a custodian under KRS § 385.032, 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 KRS § 385.092(1).
Effective: July 15, 1986
History: Created 1986 Ky. Acts ch. 182, sec. 5, effective July 15, 1986.
(2) If the testator or settlor has nominated a custodian under KRS § 385.032 to receive the custodial property, the transfer must be made to that person.
Terms Used In Kentucky Statutes 385.052
- Testator: A male person who leaves a will at death.
- Trustee: A person or institution holding and administering property in trust.
(3) If the testator or settlor has not nominated a custodian under KRS § 385.032, 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 KRS § 385.092(1).
Effective: July 15, 1986
History: Created 1986 Ky. Acts ch. 182, sec. 5, effective July 15, 1986.