(a) Subject to subsection (c), 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 property and effecting transfer; form of transfer; control of custodial property” class=”unlinked-ref” datatype=”S” sessionyear=”2020″ statecd=”AL” title=”35″>35-5A-10, in the absence of a will or under a will or trust that does not contain an authorization to do so.
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Terms Used In Alabama Code 35-5A-7

  • property: includes both real and personal property. See Alabama Code 1-1-1
  • Trustee: A person or institution holding and administering property in trust.
(b) Subject to subsection (c), a conservator may make an irrevocable transfer to another adult or trust company as custodian for the benefit of the minor pursuant to Section 35-5A-10.
(c) A transfer under subsection (a) or (b) may be made only if (1) the personal representative, trustee, or conservator 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) transfers to a custodian for the benefit of a minor do not exceed $10,000 in aggregated value.
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