Arizona Laws 14-7656. Other transfer by fiduciary
A. Pursuant to subsection C 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 section 14-7659 in the absence of a will or under a will or trust that does not contain an authorization to do so.
Terms Used In Arizona Laws 14-7656
- Adult: means a person who is at least twenty-one years of age. See Arizona Laws 14-7651
- Conservator: means a person appointed or qualified by a court to act as a general, limited or temporary guardian of a minor's property or a person legally authorized to perform substantially the same functions. See Arizona Laws 14-7651
- Court: means the superior court. See Arizona Laws 14-7651
- Custodian: means a person designated pursuant to section 14-7659 or a successor or substitute custodian designated pursuant to section 14-7668. See Arizona Laws 14-7651
- Governing instrument: means a deed, will, trust, insurance or annuity policy, account with pay on death designation, security registered in beneficiary form, pension, profit sharing, retirement or similar benefit plan, instrument creating or exercising a power of appointment or power of attorney or supported decision-making agreement or a dispositive, appointive or nominative instrument of any similar type. See Arizona Laws 14-1201
- Minor: means a person under the age of twenty-one years. See Arizona Laws 14-7651
- Personal representative: means an executor, administrator, successor personal representative or special administrator of a decedent's estate or a person legally authorized to perform substantially the same functions. See Arizona Laws 14-7651
- Transfer: means a transaction that creates custodial property pursuant to section 14-7659. See Arizona Laws 14-7651
- Trust: includes an express trust, private or charitable, with any additions, wherever and however created. See Arizona Laws 14-1201
- Trust company: means a financial institution, corporation or other legal entity, which is authorized to exercise general trust powers. See Arizona Laws 14-7651
- Trustee: A person or institution holding and administering property in trust.
- Trustee: includes an original, additional or successor trustee, whether or not appointed or confirmed by the court. See Arizona Laws 14-1201
B. Pursuant to subsection C 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 section 14-7659.
C. A transfer pursuant to subsection A or B of this section may be made only if all of the following apply:
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.
3. The transfer is authorized by the court if it exceeds ten thousand dollars in value.