(1) Subject to subsection (3) 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 ORS § 126.832, in the absence of a will or under a will or trust that does not contain an authorization to do so.

Ask a will, trust or estate question, get an answer ASAP!
Thousands of highly rated, verified estate & trust lawyers.
Click here to chat with a lawyer about your rights.

(2) Subject to subsection (3) of this section, a conservator may make an irrevocable transfer to another adult or trust company as custodian for the benefit of the minor pursuant to ORS § 126.832.

(3) A transfer under subsection (1) or (2) of this section 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 $30,000 in value. [1985 c.665 § 7; 2001 c.244 § 3]

[1959 c.640 § 5; 1967 c.300 § 4; 1981 c.443 § 4; repealed by 1985 c.665 § 27]