(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.