Delaware Code Title 12 Sec. 4506 – Other transfer by fiduciary
(a) Subject 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 § 4509 of this title in the absence of a will or under a will or trust that does not contain an authorization to do so.
Terms Used In Delaware Code Title 12 Sec. 4506
- Adult: means an individual who has attained 18 years of age. See Delaware Code Title 12 Sec. 39A-101
- Court: means the Court of Chancery. See Delaware Code Title 12 Sec. 39A-101
- Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
- Guardian: is a "guardian of the person" as that term is used in this title. See Delaware Code Title 12 Sec. 39A-101
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Trustee: A person or institution holding and administering property in trust.
(b) Subject to subsection (c) of this section, a guardian may make an irrevocable transfer to another adult or trust company as custodian for the benefit of the minor pursuant to § 4509 of this title.
(c) A transfer under subsection (a) or (b) of this section may be made if:
(1) The personal representative, trustee or guardian considers the transfer to be in the best interest of the minor, which shall be presumed in the absence of contrary facts actually known to the personal representative, trustee or guardian;
(2) The transfer is not prohibited by or inconsistent with provisions of the applicable will, trust agreement or other governing instrument; and
(3) If the property exceeds $50,000 in value, the custodian designated by the personal representative, trustee or guardian is approved by the Court.
(d) If a transfer is made in conformity with the preceding provisions of this section and § 4509 of this title, the personal representative, trustee or guardian making the transfer shall have no liability to the minor therefor, including any obligation to see to the application of the proceeds of such transfer.