Utah Code 75-5a-107. Other transfer by fiduciary
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(1) Subject to Subsection (3) , a personal representative or trustee may make an irrevocable transfer to another adult or trust company as custodian for the benefit of a minor under Section 75-5a-110 , in the absence of a will or under a will or trust that does not contain an authorization to do so.
Terms Used In Utah Code 75-5a-107
- Conservator: means a person who is appointed by a court to manage the estate of a protected person. See Utah Code 75-1-201 v2
- Court: means any of the courts of record in this state having jurisdiction in matters relating to the affairs of decedents. See Utah Code 75-1-201 v2
- Governing instrument: means a deed, will, trust, insurance or annuity policy, account with POD designation, security registered in beneficiary form (TOD), pension, profit-sharing, retirement, or similar benefit plan, instrument creating or exercising a power of appointment or a power of attorney, or a dispositive, appointive, or nominative instrument of any similar type. See Utah Code 75-1-201 v2
- Minor: means a person who is under 18 years old. See Utah Code 75-1-201 v2
- Personal representative: includes executor, administrator, successor personal representative, special administrator, and persons who perform substantially the same function under the law governing their status. See Utah Code 75-1-201 v2
- Trust: includes :(60)(a)(i) a health savings account, as defined in Section 223of the Internal Revenue Code;(60)(a)(ii) an express trust, private or charitable, with additions thereto, wherever and however created; or(60)(a)(iii) a trust created or determined by judgment or decree under which the trust is to be administered in the manner of an express trust. See Utah Code 75-1-201 v2
- Trustee: A person or institution holding and administering property in trust.
- Trustee: includes an original, additional, and successor trustee, and cotrustee, whether or not appointed or confirmed by the court. See Utah Code 75-1-201 v2
(2) Subject to Subsection(3) , a conservator may make an irrevocable transfer to another adult or trust company as custodian for the benefit of the minor pursuant to Section75-5a-110 .(3) A transfer under Subsection75-5a-110(1) or(2) may be made only if:(3)(a) the personal representative, trustee, or conservator considers the transfer to be in the best interest of the minor;(3)(b) the transfer is not prohibited by or inconsistent with provisions of the applicable will, trust agreement, or other governing instrument; and(3)(c) the transfer is authorized by the court, if it exceeds $10,000 in value.