Kentucky Statutes 385.062 – Other transfer by fiduciary
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(1) Subject to subsection (3) 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 KRS § 385.092, in the absence of a will or under a will or trust that does not contain an authorization to do so.
(2) Subject to subsection (3) of this section, a conservator may make an irrevocable transfer to another adult or trust company as custodian for the benefit of the minor pursuant to KRS § 385.092.
(3) A transfer under subsection (1) or (2) of this section may be made only if:
(a) The personal representative, trustee, or conservator considers the transfer to be in the best interest of the minor;
(b) The transfer is not prohibited by or inconsistent with provisions of the applicable will, trust agreement, or other governing instrument; and
(c) The transfer is authorized by the court if it exceeds ten thousand dollars
($10,000) in value.
Effective: July 15, 1986
History: Created 1986 Ky. Acts ch. 182, sec. 6, effective July 15, 1986.
(2) Subject to subsection (3) of this section, a conservator may make an irrevocable transfer to another adult or trust company as custodian for the benefit of the minor pursuant to KRS § 385.092.
Terms Used In Kentucky Statutes 385.062
- Company: may extend and be applied to any corporation, company, person, partnership, joint stock company, or association. See Kentucky Statutes 446.010
- Trustee: A person or institution holding and administering property in trust.
(3) A transfer under subsection (1) or (2) of this section may be made only if:
(a) The personal representative, trustee, or conservator considers the transfer to be in the best interest of the minor;
(b) The transfer is not prohibited by or inconsistent with provisions of the applicable will, trust agreement, or other governing instrument; and
(c) The transfer is authorized by the court if it exceeds ten thousand dollars
($10,000) in value.
Effective: July 15, 1986
History: Created 1986 Ky. Acts ch. 182, sec. 6, effective July 15, 1986.