§ 18-7-7 - Other transfer by fiduciary. - Rhode Island Statutes

SECTION 18-7-7

   § 18-7-7  Other transfer by fiduciary.– (a) Subject to subsection (c) of this section, a personal representative ortrustee may make an irrevocable transfer to another adult or trust company ascustodian for the benefit of a minor pursuant to § 18-7-10, in the absenceof a will or under a will or trust that does not contain an authorization to doso.

   (b) Subject to subsection (c) of this section, a conservatormay make an irrevocable transfer to another adult or trust company as custodianfor the benefit of the minor pursuant to § 18-7-10.

   (c) A transfer under subsection (a) or (b) of this sectionmay be made only if:

   (1) The personal representative, trustee, or conservatorconsiders the transfer to be in the best interest of the minor;

   (2) The transfer is not prohibited by or inconsistent withprovisions of the applicable will, trust agreement, or other governinginstrument; and

   (3) The transfer is authorized by the court if it exceeds tenthousand dollars ($10,000) in value.