Sec. 21. (a) 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 24 of this chapter in the absence of a will or under a will or trust that does not contain an authorization to do so. The personal representative or trustee may also serve as the custodian of the transferred property if the personal representative or trustee is qualified under section 24 of this chapter.

     (b) A guardian may make an irrevocable transfer to another adult or trust company as custodian for the benefit of the minor under section 24 of this chapter. The guardian may also serve as the custodian of the transferred property if the guardian is qualified under section 24 of this chapter.

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Terms Used In Indiana Code 30-2-8.5-21

  • adult: means an individual who is at least twenty-one (21) years of age. See Indiana Code 30-2-8.5-1
  • 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
  • guardian: has the meaning set forth in IC 29-3-1-6. See Indiana Code 30-2-8.5-7
  • 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.
  • minor: means an individual who is less than twenty-one (21) years of age. See Indiana Code 30-2-8.5-10
  • 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
  • transfer: means a transaction that creates custodial property under section 24 of this chapter. See Indiana Code 30-2-8.5-14
  • trust company: means a financial institution, corporation, or other legal entity authorized to exercise general trust powers. See Indiana Code 30-2-8.5-16
  • Trustee: A person or institution holding and administering property in trust.
     (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 the property transferred exceeds ten thousand dollars ($10,000) in value.

As added by P.L.267-1989, SEC.2. Amended by P.L.95-2007, SEC.16.

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