(1) Subject to subsections (2) and (3), a person not subject to the provisions of either section 68-805 or 68-806, Idaho Code, who holds property of or owes a liquidated debt to a minor not having a conservator may make an irrevocable transfer to a custodian for the benefit of the minor pursuant to section 68-809, Idaho Code.
(2)  If a person having the right to do so under section 68-803, Idaho Code, has nominated a custodian under that section to receive the custodial property, the transfer must be made to that person.
will 560x170

Ask a will, trust or estate question, get an answer ASAP!
Thousands of highly rated, verified estate & trust lawyers.
Click here to chat with a lawyer about your rights.

Terms Used In Idaho Code 68-807

  • Adult: means an individual who has attained the age of twenty-one (21) years. See Idaho Code 68-801
  • Conservator: means a person appointed or qualified by a court to act as general, limited, or temporary guardian of a minor’s property or a person legally authorized to perform substantially the same functions. See Idaho Code 68-801
  • Custodial property: means (i) any interest in property transferred to a custodian under this chapter and (ii) the income from and proceeds of that interest in property. See Idaho Code 68-801
  • Custodian: means a person so designated under section 68-809, Idaho Code, or a successor or substitute custodian designated under section 68-818, Idaho Code. See Idaho Code 68-801
  • Minor: means an individual who has not attained the age of twenty-one (21) years. See Idaho Code 68-801
  • Person: means an individual, corporation, organization, or other legal entity. See Idaho Code 68-801
  • Property: includes both real and personal property. See Idaho Code 73-114
  • Transfer: means a transaction that creates custodial property under section 68-809, Idaho Code. See Idaho Code 68-801
  • Trust company: means a financial institution, corporation, or other legal entity, authorized to exercise general trust powers. See Idaho Code 68-801
(3)  If no custodian has been nominated under section 68-803, Idaho Code, or all persons so nominated as custodian die before the transfer or are unable, decline, or are ineligible to serve, a transfer under this section may be made to an adult member of the minor’s family or to a trust company unless the property exceeds ten thousand dollars ($10,000) in value.