Louisiana Revised Statutes 9:755 – Transfer authorized by will or trust
Terms Used In Louisiana Revised Statutes 9:755
- Custodial property: means any interest in property transferred to a custodian under this Subpart and the income from and proceeds of that interest in property. See Louisiana Revised Statutes 9:751
- Custodian: means a person so designated under Louisiana Revised Statutes 9:751
- Minor: means an individual who has not attained the age of twenty-two years. See Louisiana Revised Statutes 9:751
- Person: means an individual, corporation, organization, or other legal entity. See Louisiana Revised Statutes 9:751
- Personal representative: means an executor, administrator, or representative of a decedent's estate or a person legally authorized to perform substantially the same functions. See Louisiana Revised Statutes 9:751
- Testator: A male person who leaves a will at death.
- Transfer: means a transaction that creates custodial property under Louisiana Revised Statutes 9:751
- Trustee: A person or institution holding and administering property in trust.
A. A personal representative or trustee may make an irrevocable transfer pursuant to La. Rev. Stat. 9:759 to a custodian for the benefit of a minor as authorized in the governing will or trust.
B. If the testator or settlor has nominated a custodian under La. Rev. Stat. 9:753 to receive the custodial property, the transfer shall be made to that person.
C. If the testator or settlor has not nominated a custodian under La. Rev. Stat. 9:753, or all persons so 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 La. Rev. Stat. 9:759(A).
Acts 1987, No. 469, §1, eff. Jan. 1, 1988.