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(a) 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 1251j of this chapter, in the absence of a will or under a will or trust that does not contain an authorization to do so.
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(b) Subject to subsection (c) of this section, a guardian may make an irrevocable transfer to another adult or trust company as custodian for the benefit of the minor pursuant to section 1251j of this chapter.
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(c) A transfer under subsection (a) or (b) of this section may be made only if:
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(1) the personal representative, trustee, or guardian considers the transfer to be in the best interest of the minor,
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(2) the transfer is not prohibited by or inconsistent with provisions of the applicable will, trust agreement, or other governing instrument, and
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(3) the transfer is authorized by the court if it exceeds $10,000 in value.
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