Arizona Laws 14-7655. Transfer authorized by will or trust
A. A personal representative or trustee may make an irrevocable transfer pursuant to section 14-7659 to a custodian for the benefit of a minor as authorized in the governing will or trust.
Terms Used In Arizona Laws 14-7655
- Custodial property: means an interest in property that is transferred to a custodian pursuant to this article and income from and proceeds of that interest in property. See Arizona Laws 14-7651
- Custodian: means a person designated pursuant to section 14-7659 or a successor or substitute custodian designated pursuant to section 14-7668. See Arizona Laws 14-7651
- Minor: means a person under the age of twenty-one years. See Arizona Laws 14-7651
- Person: means an individual, corporation, organization or other legal entity. See Arizona Laws 14-7651
- 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 Arizona Laws 14-7651
- Property: includes both real and personal property. See Arizona Laws 1-215
- Testator: A male person who leaves a will at death.
- Testator: includes a person of either sex. See Arizona Laws 14-1201
- Transfer: means a transaction that creates custodial property pursuant to section 14-7659. See Arizona Laws 14-7651
- Trust: includes an express trust, private or charitable, with any additions, wherever and however created. See Arizona Laws 14-1201
- Trustee: A person or institution holding and administering property in trust.
- Trustee: includes an original, additional or successor trustee, whether or not appointed or confirmed by the court. See Arizona Laws 14-1201
B. If the testator or settlor has nominated a custodian pursuant to section 14-7653 to receive the custodial property, the transfer must be made to that person.
C. If the testator or settlor has not nominated a custodian pursuant to section 14-7653, 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 pursuant to section 14-7659, subsection A.