Sec. 20. (a) A personal representative or trustee may make an irrevocable transfer under section 24 of this chapter to a custodian for the benefit of a minor as authorized in the governing will or trust.

     (b) If the testator or settlor has nominated a custodian under section 18 of this chapter to receive the custodial property, the transfer shall be made to that person.

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Terms Used In Indiana Code 30-2-8.5-20

  • custodial property: means :

    Indiana Code 30-2-8.5-4

  • custodian: means a person designated as a custodian under section 24 of this chapter or a successor or substitute custodian designated under section 33 of this chapter. See Indiana Code 30-2-8.5-5
  • minor: means an individual who is less than twenty-one (21) years of age. See Indiana Code 30-2-8.5-10
  • person: means an individual, corporation, organization, or other legal entity. See Indiana Code 30-2-8.5-11
  • 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 Indiana Code 30-2-8.5-12
  • Property: includes personal and real property. See Indiana Code 1-1-4-5
  • Testator: A male person who leaves a will at death.
  • transfer: means a transaction that creates custodial property under section 24 of this chapter. See Indiana Code 30-2-8.5-14
  • Trustee: A person or institution holding and administering property in trust.
     (c) If the testator or settlor has not nominated a custodian under section 18 of this chapter, or a person nominated as custodian dies before the transfer or is unable, declines, or is ineligible to serve, the personal representative or the trustee shall designate the custodian from among those eligible to serve as custodian for property of that kind under section 24(a) of this chapter. The personal representative or trustee may be designated as custodian under this subsection if the personal representative or trustee is eligible to serve as custodian for property of that kind under section 24(a) of this chapter.

As added by P.L.267-1989, SEC.2. Amended by P.L.95-2007, SEC.15.

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