(a) Irrevocable transfer by personal representative or trustee.-- 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 5309 (relating to manner of creating custodial property and effecting transfer) in the absence of a will or under a will or trust that does not contain an authorization to do so. (b) Irrevocable transfer by guardian.-- Subject to subsection (c), a guardian may make an irrevocable transfer to another adult or trust company as custodian for the benefit of the minor pursuant to section 5309. (c) Additional requirements for transfer.-- A transfer under subsection (a) or (b) may be made only if: (1) the personal representative, trustee or guardian 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.
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