Kansas Statutes 38-1707. Other transfer by fiduciary
Terms Used In Kansas Statutes 38-1707
- Conservator: means an individual or corporation appointed by the court to act on behalf of a conservatee and possessed of some or all of the powers and duties set out in Kan. See Kansas Statutes 77-201
- Minor: means any person defined by Kan. See Kansas Statutes 77-201
- Trustee: A person or institution holding and administering property in trust.
(a) Subject to subsection (c), a personal representative or trustee may make an irrevocable transfer to another adult or trust company as custodian for the benefit of a minor pursuant to Kan. Stat. Ann. § 38-1710, and amendments thereto, in the absence of a will or under a will or trust that does not contain an authorization to do so.
(b) Subject to subsection (c), a conservator may make an irrevocable transfer to another adult or trust company as custodian for the benefit of the minor pursuant to Kan. Stat. Ann. § 38-1710, and amendments thereto.
(c) A transfer under subsection (a) or (b) may be made only if:
(1) The personal representative, trustee or conservator 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 such transfer exceeds $25,000 in value.