Bill Text: MI HB6512 | 2019-2020 | 100th Legislature | Introduced
Bill Title: Probate: other; uniform transfers to minors act; modify amount of transfer allowed. Amends secs. 10 & 11 of 1998 PA 433 (MCL 554.530 &554.531).
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2020-12-16 - Bill Electronically Reproduced 12/16/2020 [HB6512 Detail]
Download: Michigan-2019-HB6512-Introduced.html
HOUSE BILL NO. 6512
December 15, 2020, Introduced by Rep. Filler
and referred to the Committee on Judiciary.
A bill to amend 1998 PA 433, entitled
"Michigan uniform transfers to minors act,"
by amending sections 10 and 11 (MCL 554.530 and 554.531).
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.
Sec. 11. (1)
Subject to subsections (2) and (3), a person not subject to section 9 or 10 who
holds property of, or owes a liquidated debt to, a minor who
does not having have a conservator may make an irrevocable transfer
to a custodian for the benefit of the minor pursuant
to under section 13.
(2) If a person having the right to do so under section 7 has
nominated a custodian under that section 7 to receive the custodial property, the transfer shall must
be made to that the person.
(3) If no a custodian has not been nominated under section 7, or all persons so nominated as custodian under section 7 die before the transfer or are unable, decline, or are ineligible to serve, a transfer under this section may be made to an adult member of the minor's family or to a trust company. If However, if the value of the property exceeds $10,000.00, $50,000.00, a transfer under this subsection shall only may be made only if authorized by the court.
