Md. Code Ann., Est. & Trusts § 13-306
Redline — January 1, 2019 → current.View current text →
Current — January 1, 2025
As of January 1, 2019
(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 § 13-309 of this subtitle, in the absence of a will or under a will or trust that does not contain an authorization to do so.
(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 § 13–309 of this subtitle, 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 trust company as custodian for the benefit of the minor pursuant to § 13-309 of this subtitle.
(b) Subject to subsection (c) 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 § 13–309 of this subtitle.
(c) A transfer under subsection (a) or (b) of this section may be made only if: (1) The personal representative, trustee, or conservator 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 in value.
(c) A transfer under subsection (a) or (b) of this section may be made only if: (1) The personal representative, trustee, or conservator 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.
Official source: Maryland General Assembly. Reproduced from public-domain Maryland statutes; confirm against the official source for the current text. Not legal advice.