(1) Subject to sub. (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 under s. 54.870 in the absence of a will or under a will or trust that does not contain an authorization to do so. (2) Subject to sub. (3), a conservator may make an irrevocable transfer to another adult or trust company as custodian for the benefit of the minor under s. 54.870. (3) A transfer under sub. (1) or (2) may be made only if: (a) The personal representative, trustee or conservator considers the transfer to be in the best interest of the minor; (b) The transfer is not prohibited by or inconsistent with provisions of the applicable will, trust agreement or other governing instrument; and (c) The transfer is authorized by the court if it exceeds $10,000 in value.
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