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§ 5306. Other transfer by fiduciary

Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 20 Pa.C.S.A. Decedents, Estates and Fiduciaries

Purdon's Pennsylvania Statutes and Consolidated Statutes
Title 20 Pa.C.S.A. Decedents, Estates and Fiduciaries (Refs & Annos)
Chapter 53. Pennsylvania Uniform Transfers to Minors Act (Refs & Annos)
20 Pa.C.S.A. § 5306
§ 5306. Other transfer by fiduciary
Currentness
(a) Irrevocable transfer by personal representative or trustee.--Subject to subsection (c), 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 5309 (relating to manner of creating custodial property and effecting transfer) in the absence of a will or under a will or trust that does not contain an authorization to do so.
(b) Irrevocable transfer by guardian.--Subject to subsection (c), a guardian may make an irrevocable transfer to another adult or trust company as custodian for the benefit of the minor pursuant to section 5309.
(c) Additional requirements for transfer.--A transfer under subsection (a) or (b) may be made only if:
(1) the personal representative, trustee or 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 $25,000 in value.

Credits

1992, Dec. 16, P.L. 1163, No. 152, § 10, imd. effective. Amended 1999, Oct. 12, P.L. 422, No. 39, § 8, effective in 60 days.
20 Pa.C.S.A. § 5306, PA ST 20 Pa.C.S.A. § 5306
Current through Act 4 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
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