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§ 3216 Other transfer by fiduciary

14 V.S.A. § 3216 (N/A)
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§ 3216. 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 section 3219 of this title, in the absence of a will or under a will or trust that does not contain an authorization to do so.

(b) Subject to subsection (c) of this section, a financial guardian may make an irrevocable transfer to another adult or trust company as custodian for the benefit of the minor, pursuant to section 3219 of this title.

(c) A transfer under subsection (a) or (b) of this section may be made only if:

(1) the personal representative, trustee, or financial 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 $10,000.00 in value. (Added 2015, No. 7, § 1.)

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