Subject to Subsection (3), a personal representative or trustee may make an irrevocable transfer to another adult or trust company as custodian for the benefit of a minor under Section 75-5a-110, in the absence of a will or under a will or trust that does not contain an authorization to do so.
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Terms Used In Utah Code 75-5a-107
Trustee: A person or institution holding and administering property in trust.
(2)
Subject to Subsection (3), a conservator may make an irrevocable transfer to another adult or trust company as custodian for the benefit of the minor pursuant to Section 75-5a-110.
(3)
A transfer under Subsection 75-5a-110(1) or (2) may be made only if:
(a)
the personal representative, trustee, or conservator considers the transfer to be in the best interest of the minor;
(b)
the transfer is not prohibited by or inconsistent with provisions of the applicable will, trust agreement, or other governing instrument; and
(c)
the transfer is authorized by the court, if it exceeds $10,000 in value.
