(a) Subject to subsection (c) of this section, 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 § 45a-558f, in the absence of a will or under a will or trust that does not contain an authorization to do so.

Terms Used In Connecticut General Statutes 45a-558c

  • another: may extend and be applied to communities, companies, corporations, public or private, limited liability companies, societies and associations. See Connecticut General Statutes 1-1
  • 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.
  • Trustee: A person or institution holding and administering property in trust.

(b) Subject to subsection (c) of this section, a guardian may make an irrevocable transfer to another adult or trust company as custodian for the benefit of the minor pursuant to § 45a-558f.

(c) A transfer under subsection (a) or (b) of this section 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 it exceeds five thousand dollars in value.

(d) For purposes of this section, a series of transfers shall be aggregated so that the five-thousand-dollar threshold for court approval cannot be circumvented.