New Jersey Statutes 46:38A-14. Conditions under which certain transfers may be made by a personal representative, trustee or guardian
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Terms Used In New Jersey Statutes 46:38A-14
- Court: means the Superior Court. See New Jersey Statutes 46:38A-2
- 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 has not attained the age of 21 years. See New Jersey Statutes 46:38A-2
- Personal representative: means an executor, administrator, successor personal representative of a decedent's estate or a person legally authorized to perform substantially the same functions but excludes a special administrator. See New Jersey Statutes 46:38A-2
- Transfer: means a transaction that creates custodial property under R. See New Jersey Statutes 46:38A-2
- Trustee: A person or institution holding and administering property in trust.
A transfer may be made under R.S. 46:38A-12 or R.S. 46:38A-13 only if:
a. The personal representative, trustee or guardian considers the transfer to be in the best interest of the minor;
b. The transfer is not prohibited by or inconsistent with provisions of the applicable will, trust agreement, other governing instrument or law; and
c. The transfer is authorized by the court if it exceeds $10,000.00 in value.
L. 1987, c. 18, s. 1.