Idaho Code 68-806 – Other Transfer by Fiduciary
Current as of: 2023 | Check for updates
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(1) Subject to subsection (3) 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 section 68-809, Idaho Code, in the absence of a will or under a will or trust that does not contain an authorization to do so.
(2) Subject to subsection (3) of this section, a conservator may make an irrevocable transfer to another adult or trust company as custodian for the benefit of the minor pursuant to section 68-809, Idaho Code.
Terms Used In Idaho Code 68-806
- Adult: means an individual who has attained the age of twenty-one (21) years. See Idaho Code 68-801
- Conservator: means a person appointed or qualified by a court to act as general, limited, or temporary guardian of a minor’s property or a person legally authorized to perform substantially the same functions. See Idaho Code 68-801
- Court: means the district courts of the state of Idaho. See Idaho Code 68-801
- Custodian: means a person so designated under section 68-809, Idaho Code, or a successor or substitute custodian designated under section 68-818, Idaho Code. See Idaho Code 68-801
- Minor: means an individual who has not attained the age of twenty-one (21) years. See Idaho Code 68-801
- 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 Idaho Code 68-801
- Transfer: means a transaction that creates custodial property under section 68-809, Idaho Code. See Idaho Code 68-801
- Trust company: means a financial institution, corporation, or other legal entity, authorized to exercise general trust powers. See Idaho Code 68-801
- Trustee: A person or institution holding and administering property in trust.
(3) A transfer under subsection (1) or (2) of this section may be made only if (i) the personal representative, trustee, or conservator considers the transfer to be in the best interest of the minor, (ii) the transfer is not prohibited by or inconsistent with provisions of the applicable will, trust agreement, or other governing instrument, and (iii) the transfer is authorized by the court if it exceeds ten thousand dollars ($10,000) in value.