Montana Code 72-26-605. Transfer authorized by will or trust
72-26-605. Transfer authorized by will or trust. (1) A personal representative or trustee may make an irrevocable transfer pursuant to 72-26-603 to a custodian for the benefit of a minor as authorized in the governing will or trust.
Terms Used In Montana Code 72-26-605
- Custodial property: means :
(a)any interest in property transferred to a custodian under this chapter; and
(b)the income from and proceeds of that interest in property. See Montana Code 72-26-502
- Custodian: means a person so designated under 72-26-603 or a successor or substitute custodian designated under 72-26-801. See Montana Code 72-26-502
- Minor: means an individual who has not attained the age of 21 years. See Montana Code 72-26-502
- Person: means an individual, corporation, organization, or other legal entity. See Montana Code 72-26-502
- Personal representative: means an executor, administrator, successor personal representative, or special administrator of a decedent's estate or a person legally authorized to perform substantially the same functions. See Montana Code 72-26-502
- Property: means real and personal property. See Montana Code 1-1-205
- Testator: A male person who leaves a will at death.
- Transfer: means a transaction that creates custodial property under 72-26-603. See Montana Code 72-26-502
- Trustee: A person or institution holding and administering property in trust.
(2)If the testator or settlor has nominated a custodian under 72-26-601 to receive the custodial property, the transfer must be made to that person.
(3)If the testator or settlor has not nominated a custodian under 72-26-601 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 72-26-603(1).