(a) A personal representative or trustee may make an irrevocable transfer pursuant to § 35-7-110, to a custodian for the benefit of a minor as authorized in the governing will or trust or by a judicial order.
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Terms Used In Tennessee Code 35-7-106

  • Custodial property: means :
    (A) Any interest in property transferred to a custodian under this chapter. See Tennessee Code 35-7-102
  • Custodian: means a person so designated, including a person designated as a joint custodian pursuant to §. See Tennessee Code 35-7-102
  • Minor: means an individual who has not attained twenty-one (21) years of age, although the minor may already be of legal age. See Tennessee Code 35-7-102
  • Person: means an individual, corporation, organization, or other legal entity. See Tennessee Code 35-7-102
  • 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 Tennessee Code 35-7-102
  • Property: includes both personal and real property. See Tennessee Code 1-3-105
  • Representative: when applied to those who represent a decedent, includes executors and administrators, unless the context implies heirs and distributees. See Tennessee Code 1-3-105
  • Testator: A male person who leaves a will at death.
  • Transfer: means a transaction that creates custodial property under this chapter. See Tennessee Code 35-7-102
  • Trustee: A person or institution holding and administering property in trust.
(b) If the testator or settlor has nominated a custodian under § 35-7-104, to receive the custodial property, the transfer must be made to that person.
(c) If the testator or settlor has not nominated a custodian 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 § 35-7-110(a).
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