N.Y. Estates, Powers and Trusts Law 7-6.5 – Transfer authorized by will or trust
§ 7-6.5 Transfer authorized by will or trust
Terms Used In N.Y. Estates, Powers and Trusts Law 7-6.5
- Testator: A male person who leaves a will at death.
- Trustee: A person or institution holding and administering property in trust.
(a) A personal representative or trustee may make an irrevocable transfer pursuant to 7-6.9 to a custodian for the benefit of a minor as authorized in the governing will or trust.
(b) If the testator or settler has nominated a custodian under 7-6.3 to receive the custodial property, the transfer must be made to that person.
(c) If the testator or settler has not nominated a custodian under 7-6.3, or all persons so nominated as custodian die before the transfer or are unable, decline, or are ineligible to serve, the personal representative or the trustee, as the case may be, shall designate the custodian from among those eligible to serve as custodian for property of that kind under paragraph (a) of 7-6.9.