Montana Code 72-26-606. Other transfer by fiduciary
72-26-606. Other transfer by fiduciary. (1) Subject to subsection (3), 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 72-26-603, in the absence of a will or under a will or trust that does not contain an authorization to do so.
Terms Used In Montana Code 72-26-606
- Adult: means an individual who has attained the age of 21 years. See Montana Code 72-26-502
- 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 Montana Code 72-26-502
- Court: means district court. 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
- Fiduciary: A trustee, executor, or administrator.
- Minor: means an individual who has not attained the age of 21 years. 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
- Transfer: means a transaction that creates custodial property under 72-26-603. See Montana Code 72-26-502
- Trust company: means a financial institution, corporation, or other legal entity authorized to exercise general trust powers. See Montana Code 72-26-502
- Trustee: A person or institution holding and administering property in trust.
(2)Subject to subsection (3), a conservator may make an irrevocable transfer to another adult or trust company as custodian for the benefit of the minor pursuant to 72-26-603.
(3)A transfer under subsection (1) or (2) may be made only if:
(a)the personal representative, trustee, or conservator considers the transfer to be in the best interest of the minor;
(b)the transfer is not prohibited by or inconsistent with provisions of the applicable will, trust agreement, or other governing instrument; and
(c)the transfer is authorized by the court if it exceeds $10,000 in value.