Massachusetts General Laws ch. 201A sec. 6 – Other transfer by fiduciary
Section 6. (a) Subject to subsection (c), a personal representative or trustee may make an irrevocable transfer to another adult or another trust company as custodian for the benefit of a minor pursuant to section nine, in the absence of a will or under a will or trust that does not contain an authorization to do so.
Terms Used In Massachusetts General Laws ch. 201A sec. 6
- 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.
- Trustee: A person or institution holding and administering property in trust.
(b) Subject to subsection (c), a guardian may make an irrevocable transfer to another adult or another trust company as custodian for the benefit of the minor pursuant to section nine.
(c) A transfer under subsection (a) or (b) may be made only if (i) the personal representative, trustee, or guardian considers the transfer to be in the best interest of the minor, (ii) the transfer is not prohibited by or inconsistent with provisions of the applicable will, trust agreement, or other governing instrument, and (iii) the transfer is authorized by the court if it exceeds ten thousand dollars in value.