Connecticut General Statutes 45a-500e – Exclusions
(a) As used in this section, “power of appointment” means a power that enables a person acting in a nonfiduciary capacity to designate a recipient of an ownership interest in or another power of appointment over trust property.
Terms Used In Connecticut General Statutes 45a-500e
- another: may extend and be applied to communities, companies, corporations, public or private, limited liability companies, societies and associations. See Connecticut General Statutes 1-1
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Beneficiary: means a person that (A) has a present or future beneficial interest in a trust, vested or contingent. See Connecticut General Statutes 45a-499c
- Person: means an individual, corporation, statutory or business trust, estate, trust, partnership, limited liability company, association, joint venture, court, government, governmental subdivision, agency or instrumentality, public corporation or any other legal or commercial entity. See Connecticut General Statutes 45a-499c
- Power of direction: includes a power over the investment, management or distribution of trust property or other matters of trust administration, but does not include the powers described in subsection (b) of §. See Connecticut General Statutes 45a-499c
- Property: means anything that may be the subject of ownership, whether real or personal and whether legal or equitable, or any interest therein. See Connecticut General Statutes 45a-499c
- Settlor: means a person, including a testator, that creates or contributes property to a trust. See Connecticut General Statutes 45a-499c
- Terms of a trust: means :
(A) Except as otherwise provided in subparagraph (B) of this subdivision, the manifestation of the settlor's intent regarding a trust's provisions as:
(i) Expressed in the trust instrument. See Connecticut General Statutes 45a-499c
- Trust director: means a person that is granted a power of direction by the terms of a trust to the extent the power is exercisable while the person is not serving as a trustee, provided a person is a trust director whether or not the terms of the trust refer to the person as a trust director and whether or not the person is a beneficiary or settlor of the trust. See Connecticut General Statutes 45a-499c
- Trustee: A person or institution holding and administering property in trust.
- Trustee: includes an original, additional and successor trustee and a cotrustee. See Connecticut General Statutes 45a-499c
(b) Sections 45a-500b to 45a-500s, inclusive, do not apply to a:
(1) Power of appointment;
(2) Power to appoint or remove a trustee or trust director;
(3) Power of a settlor over a trust to the extent the settlor has a power to revoke the trust;
(4) Power of a beneficiary over a trust to the extent the exercise or nonexercise of the power affects the beneficial interest of:
(A) The beneficiary; or
(B) Another beneficiary represented by the beneficiary under sections 45a-499q to 45a-499u, inclusive, with respect to the exercise or nonexercise of the power; or
(5) Power over a trust if:
(A) The terms of the trust provide that the power is held in a nonfiduciary capacity; and
(B) The power is held in a nonfiduciary capacity to achieve the settlor’s tax objectives under the Internal Revenue Code of 1986, or any subsequent corresponding internal revenue code of the United States, as amended from time to time.
(c) Unless the terms of a trust provide otherwise, a power granted to a person to designate a recipient of an ownership interest in or power of appointment over trust property which is exercisable while the person is not serving as a trustee is a power of appointment and not a power of direction.