N.Y. Estates, Powers & Trusts Law § 7-6.6: Other transfer by fiduciary

§ 7-6.6 Other transfer by fiduciary

(a) Subject to paragraph (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 7-6.9, in the absence

of a will or under a will or trust that does not contain an

authorization to do so.

(b) Subject to paragraph (c), a guardian may make an irrevocable

transfer to another adult or trust company as custodian for the benefit

of the minor pursuant to 7-6.9.

(c) A transfer under paragraph (a) or (b) may be made only if (i) the

personal representative, trustee, or guardian considers the transfer to

be in the best interest of the minor, (ii) the transfer is not

prohibited by or inconsistent with provisions of the applicable will,

trust agreement, or other governing instrument, and (iii) if the

personal representative is acting in the absence of a will, the transfer

is authorized by the court if it exceeds fifty thousand dollars in

value.