385.062 Other transfer by fiduciary.

164 words·~1 min read·/ky/chapter-385/385-062

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(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 KRS 385.092, 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 KRS 385.092.

(3)A transfer under subsection

(1)or

(2)of this section 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 ten thousand dollars

($10,000) in value.