Bill Text: MI HB6467 | 2017-2018 | 99th Legislature | Introduced

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Bill Title: Probate; other; uniform transfers to minors act; modify amount of transfer allowed. Amends sec. 10 of 1998 PA 433 (MCL 554.530).

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2018-11-08 - Bill Electronically Reproduced 11/07/2018 [HB6467 Detail]

Download: Michigan-2017-HB6467-Introduced.html

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HOUSE BILL No. 6467

 

 

November 7, 2018, Introduced by Reps. Lucido and Elder and referred to the Committee on Judiciary.

 

     A bill to amend 1998 PA 433, entitled

 

"Michigan uniform transfers to minors act,"

 

by amending section 10 (MCL 554.530).

 

THE PEOPLE OF THE STATE OF MICHIGAN ENACT:

 

     Sec. 10. (1) Subject to subsection (3), 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 under section 13 in the absence of a will or

 

under a will or trust that does not contain an authorization to

 

make the irrevocable transfer.

 

     (2) Subject to subsection (3), a conservator may make an

 

irrevocable transfer to another adult or trust company as custodian

 

for the benefit of the minor pursuant to under section 13.

     (3) A transfer under subsection (1) or (2) may be made only if

 

the all of the following apply:

 

     (a) The personal representative, trustee, or conservator

 

considers the transfer to be in the best interest of the minor. ;

 

the

 

     (b) The transfer is not prohibited by or inconsistent with

 

provisions of the applicable will, trust agreement, or other

 

governing instrument. ; and, if

 

     (c) If the transfer exceeds $10,000.00 $50,000.00 in value,

 

the transfer is authorized by the court.