(1) A personal representative or trustee may make an irrevocable transfer under Section 75A-8-110 to a custodian for the benefit of a minor as authorized in the governing will or trust.
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Terms Used In Utah Code 75A-8-106

  • Custodial property: means :
         (7)(a) any interest in property transferred to a custodian under this chapter; and
         (7)(b) the income from and proceeds of that interest in property. See Utah Code 75A-8-102
  • Custodian: means a person so designated under Section 75A-8-110 or a successor or substitute custodian designated under Section 75A-8-119. See Utah Code 75A-8-102
  • Minor: means an individual who is under 21 years old. See Utah Code 75A-8-102
  • Person: means an individual, corporation, organization as defined in Section 75-1-201, or other legal entity. See Utah Code 75A-8-102
  • Personal representative: means an executor, administrator, successor personal representative as defined in Section 75-1-201, or special administrator as defined in Section 75-1-201, of a decedent's estate or a person legally authorized to perform substantially the same functions. See Utah Code 75A-8-102
  • Property: means the same as that term is defined in Section 75-1-201. See Utah Code 75A-8-102
  • Testator: A male person who leaves a will at death.
  • Testator: means the same as that term is defined in Section 75-1-201. See Utah Code 75A-8-102
  • Transfer: means a transaction that creates custodial property under Section 75A-8-109. See Utah Code 75A-8-102
  • Trust: means the same as that term is defined in Section 75-1-201. See Utah Code 75A-8-102
  • Trustee: A person or institution holding and administering property in trust.
  • Trustee: means the same as that term is defined in Section 75-1-201. See Utah Code 75A-8-102
(2) If the testator or settlor has nominated a custodian under Section 75A-8-104 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 Section 75A-8-104, or all persons 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 75A-8-110(1).

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