Terms Used In Montana Code 72-38-132

• 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 who:

  (a)has a present or future beneficial interest in a trust, vested or contingent; or

  (b)in a capacity other than that of trustee, holds a power of appointment over trust property. See Montana Code 72-38-103

• Person: means an individual, corporation, business trust, estate, trust, partnership, limited liability company, association, joint venture, government, governmental subdivision, agency, or instrumentality, public corporation, or any other legal or commercial entity. See Montana Code 72-38-103
• Qualified beneficiary: means a beneficiary who on the date the beneficiary's qualification is determined:

  (a)is a distributee or permissible distributee of trust income or principal;

  (b)would be a distributee or permissible distributee of trust income or principal if the interests of the distributees described in subsection (16)(a) terminated on that date without causing the trust to terminate; or

  (c)would be a distributee or permissible distributee of trust income or principal if the trust terminated on that date. See Montana Code 72-38-103

• State: means a state of the United States, the District of Columbia, Puerto Rico, the United States Virgin Islands, or any territory or insular possession subject to the jurisdiction of the United States. See Montana Code 72-38-103
• Trustee: A person or institution holding and administering property in trust.
• Trustee: includes an original, additional, and successor trustee and a cotrustee. See Montana Code 72-38-103