(a) Subject to subsection (c), 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 § 35-7-110, in the absence of a will or under a will or trust that does not contain an authorization to do so.
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Terms Used In Tennessee Code 35-7-107

  • Adult: means an individual who has attained twenty-one (21) years of age. See Tennessee Code 35-7-102
  • Court: means the chancery, probate and juvenile courts and other courts having probate jurisdiction, which shall have concurrent jurisdiction 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
  • 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.
  • Guardian: means a person appointed by or qualified in a court to act as a general, limited, or temporary guardian or conservator of a minor's property or person or a person legally authorized to perform substantially the same functions. 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
  • 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
  • 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
  • Transfer: means a transaction that creates custodial property under this chapter. See Tennessee Code 35-7-102
  • Trust company: means a financial institution, corporation, or other legal entity, authorized to exercise general trust powers. See Tennessee Code 35-7-102
  • 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 trust company as custodian for the benefit of the minor pursuant to § 35-7-110.
(c) A transfer under subsection (a) or (b) may be made only if:

(1) The personal representative, trustee, or guardian considers the transfer to be in the best interest of the minor;
(2) The transfer is not prohibited by or inconsistent with provisions of the applicable will, trust agreement, or other governing instrument; and
(3) The transfer is authorized by the court if it exceeds twenty-five thousand dollars ($25,000) in value.
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