Section 21-306 - Other transfers by fiduciary

Other transfers by fiduciary

(a) Subject to subsection (c) of this section, a personal representative or trustee may make an irrevocable transfer to another adult or to a trust company, as custodian, for the benefit of a minor pursuant to section 21-309, 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 conservator may make an irrevocable transfer to another adult or to a trust company, as custodian, for the benefit of the minor pursuant to section 21-309.

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

(1) The personal representative, the trustee, or the conservator considers the transfer to be in the best interests of the minor;

(2) The transfer is not prohibited by or inconsistent with the 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 in value.

CREDIT(S)

(Mar. 12, 1986, D.C. Law 6-87, § 2(a), 33 DCR 278.)

HISTORICAL AND STATUTORY NOTES

Prior Codifications
1981 Ed., § 21-306.
Legislative History of Laws
For legislative history of D.C. Law 6-87, see Historical and Statutory Notes following § 21-301.
Uniform Law
This section is based upon § 6 of the Uniform Transfers to Minors Act. See 8B Uniform Laws Annotated, Master Edition, or ULA Database on WESTLAW.

Current through September 13, 2012