Tex.
Prop. Code Section 141.007
Other Transfer by Fiduciary
(a)
Subject to Subsections (b) and (c), a guardian, legal representative, or trustee may make an irrevocable transfer to another adult or trust company as custodian for a minor’s benefit under Section 141.010 (Manner of Creating Custodial Property and Effecting Transfer; Designation of Initial Custodian; Control) in the absence of a will or under a will or trust that does not contain an authorization to do so.(b)
With the approval of the court supervising the guardianship, a guardian may make an irrevocable transfer to another adult or trust company as custodian for the minor’s benefit under Section 141.010 (Manner of Creating Custodial Property and Effecting Transfer; Designation of Initial Custodian; Control).(c)
A transfer under Subsection (a) or (b) may be made only if:(1)
the legal representative or trustee 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.
Source:
Section 141.007 — Other Transfer by Fiduciary, https://statutes.capitol.texas.gov/Docs/PR/htm/PR.141.htm#141.007 (accessed Jun. 5, 2024).
