Rhode Island General Laws 18-7-7. Other transfer by fiduciary
(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 § 18-7-10, in the absence of a will or under a will or trust that does not contain an authorization to do so.
Terms Used In Rhode Island General Laws 18-7-7
- Adult: means an individual who has attained the age of twenty-one (21) years. See Rhode Island General Laws 18-7-2
- 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 Rhode Island General Laws 18-7-2
- Court: means probate court. See Rhode Island General Laws 18-7-2
- Custodian: means a person designated under § 18-7-10 or a successor or substitute custodian designated under § 18-7-19. See Rhode Island General Laws 18-7-2
- Minor: means an individual who has not attained the age of twenty-one (21) years. See Rhode Island General Laws 18-7-2
- 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 Rhode Island General Laws 18-7-2
- Transfer: means a transaction that creates custodial property under § 18-7-10. See Rhode Island General Laws 18-7-2
- Trust company: means a financial institution, corporation, or other legal entity, authorized to exercise general trust powers. See Rhode Island General Laws 18-7-2
- Trustee: A person or institution holding and administering property in trust.
(b) Subject to subsection (c) 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 § 18-7-10.
(c) A transfer under subsection (a) or (b) of this section 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 it exceeds ten thousand dollars ($10,000) in value.
History of Section.
P.L. 1985, ch. 389, § 2.