MI HB4418

Personal representatives, trustees, and conservators may make irrevocable transfers to custodians for minors' benefit if the transfer is in the minor's best interest and consistent with governing documents or wills.

Transfers exceeding $50,000 by personal representatives, trustees, or conservators require court authorization.

Persons holding minor's property or owing liquidated debt may make irrevocable transfers to custodians, with preference for court-nominated custodians under section 7.

Transfers exceeding $50,000 by other persons require court authorization unless a custodian was previously nominated under section 7.

Act takes immediate effect February 21, 2024.