Utah Code 75A-8-107. Other transfer by fiduciary
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(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 under Section 75A-8-110 , in the absence of a will or under a will or trust that does not contain an authorization to do so.
Terms Used In Utah Code 75A-8-107
- Adult: means an individual who is 21 years old or older. See Utah Code 75A-8-102
- 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 Utah Code 75A-8-102
- Court: means a court with jurisdiction under Title 78A, Judiciary and Judicial Administration. See Utah Code 75A-8-102
- Custodian: means a person so designated under Section
75A-8-110 or a successor or substitute custodian designated under Section75A-8-119 . See Utah Code 75A-8-102 - Minor: means an individual who is under 21 years old. See Utah Code 75A-8-102
- Personal representative: means an executor, administrator, successor personal representative as defined in Section
75-1-201 , or special administrator as defined in Section75-1-201 , of a decedent's estate or a person legally authorized to perform substantially the same functions. See Utah Code 75A-8-102 - Transfer: means a transaction that creates custodial property under Section
75A-8-109 . See Utah Code 75A-8-102 - Trust: means the same as that term is defined in Section
75-1-201 . See Utah Code 75A-8-102 - Trust company: means a financial institution, corporation, or other legal entity, authorized to exercise general trust powers. See Utah Code 75A-8-102
- Trustee: A person or institution holding and administering property in trust.
- Trustee: means the same as that term is defined in Section
75-1-201 . See Utah Code 75A-8-102
(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 Section 75A-8-110 .
(3) A transfer under Subsection 75A-8-110 (1) or (2) may be made only if:
(3)(a) the personal representative, trustee, or conservator considers the transfer to be in the best interest of the minor;
(3)(b) the transfer is not prohibited by or inconsistent with provisions of the applicable will, trust agreement, or other governing instrument, as defined in Section 75-1-201 ; and
(3)(c) the transfer is authorized by the court, if it exceeds $10,000 in value.