Louisiana Revised Statutes 9:756 – Other transfer by fiduciary
Terms Used In Louisiana Revised Statutes 9:756
- Adult: means an individual who has attained the age of twenty-two years. See Louisiana Revised Statutes 9:751
- Court: means a court of competent jurisdiction in the parish of the domicile of the minor. 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
- 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
- Transfer: means a transaction that creates custodial property under Louisiana Revised Statutes 9:751
- Trust company: means a financial institution, corporation, or other legal entity authorized to exercise general trust powers. See Louisiana Revised Statutes 9:751
- Trustee: A person or institution holding and administering property in trust.
- Tutor: means a person appointed or qualified by a court to act as guardian of a minor's property or a person legally authorized to perform substantially the same functions, including but not limited to a curator. See Louisiana Revised Statutes 9:751
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 La. Rev. Stat. 9:759, in the absence of a will or under a will or trust that does not contain an authorization to do so.
B. Subject to Subsection C of this Section, a curator or tutor may make an irrevocable transfer to another adult or trust company as custodian for the benefit of the minor pursuant to La. Rev. Stat. 9:759.
C. A transfer under Subsections A or B of this Section may be made only if all of the following occur:
(1) The personal representative, trustee, curator, or tutor 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.
Acts 1987, No. 469, §1, eff. Jan. 1, 1988.