Kentucky Statutes 386B.1-010 – Definitions for chapter
Current as of: 2024 | Check for updates
|
Other versions
As used in this chapter, unless the context requires otherwise:
(1) “Action” with respect to an act of a trustee, includes a failure to act;
(2) “Ascertainable standard” means a standard relating to an individual’s health, education, support, or maintenance within the meaning of 26 U.S.C. sec.
2041(b)(1)(A) or 26 U.S.C. § 2514(c)(1), as amended; (3) “Beneficiary” means a person that:
(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;
(4) “Charitable trust” means a trust, or part of a trust, established for a charitable purpose as described in KRS § 386B.4-050(1);
(5) “Conservator” means a person appointed by the court to administer the estate of a minor or adult individual;
(6) “Environmental law” means a federal, state, or local law, rule, regulation, or ordinance relating to protection of the environment;
(7) “Guardian” means a person appointed by the court, a parent, or a spouse to make decisions regarding the support, care, education, health, and welfare of a minor or adult individual. The term shall not include a guardian ad litem;
(8) “Interests of the beneficiaries” means the beneficial interests provided in the terms of the trust;
(9) “Jurisdiction,” with respect to a geographic area, includes a state or country; (10) “Person” means any individual or entity as defined in KRS § 446.010;
(11) “Power of withdrawal” means a presently exercisable general power of appointment other than a power:
(a) Exercisable by a trustee and limited by an ascertainable standard; or
(b) Exercisable by another person only on the consent of the trustee or a person holding an adverse interest;
(12) “Property” means anything that may be the subject of ownership, whether legal or equitable, or any interest therein;
(13) “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 paragraph (a) of this subsection ended on that date without causing the trust to end; or
(c) Would be a distributee or permissible distributee of trust income or principal if the trust ended on that date;
(14) “Revocable,” as applied to a trust, means revocable by the settlor without the consent of the trustee or a person holding an adverse interest;
(15) “Settlor” means a person, including a testator, who creates or contributes property to a trust. If more than one (1) person creates or contributes property to a trust, each person is a settlor of the part of the trust property attributable to that person’s contribution except to the extent another person has the power to revoke or withdraw that part;
(16) “Spendthrift provision” means a term of a trust which restrains both voluntary and involuntary transfer of a beneficiary’s interest;
(17) “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. The term includes an Indian tribe or band recognized by federal law or formally acknowledged by a state;
(18) “Terms of a trust” means the manifestation of the settlor’s intent regarding a trust’s provisions as expressed in the trust instrument or as may be established by other evidence that would be admissible in a judicial proceeding;
(19) (a) “Trust” means an express trust established by a trust instrument, including a will, whereby a trustee has the duty to administer a trust asset for the benefit of a named or otherwise described income or principal beneficiary, or both. This definition includes oral trusts.
(b) “Trust” does not include a resulting or constructive trust, a business trust which provides for certificates to be issued to the beneficiary, an investment trust, a voting trust, a security instrument, a trust established by the judgment of a court, a liquidation trust, or a trust for the primary purpose of paying dividends, interests, interest coupons, salaries, wages, pensions or profits, or employee benefits of any kind, an instrument in which a person is nominee or escrowee for another, a trust established in deposits in any financial institution, or other trust the nature of which does not admit of general trust administration;
(20) “Trust instrument” means an instrument signed by the settlor that contains terms of the trust, including any amendments thereto; and
(21) “Trustee” includes an original, additional, and successor trustee, and a cotrustee.
Effective: July 15, 2014
History: Created 2014 Ky. Acts ch. 25, sec. 1, effective July 15, 2014.
(1) “Action” with respect to an act of a trustee, includes a failure to act;
Terms Used In Kentucky Statutes 386B.1-010
- 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 Kentucky Statutes 386B.1-010 - Business trust: includes , except when utilized in KRS Chapter 386, a "statutory trust" as organized under KRS Chapter 386A. See Kentucky Statutes 446.010
- Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- Federal: refers to the United States. See Kentucky Statutes 446.010
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Person: means any individual or entity as defined in KRS §. See Kentucky Statutes 386B.1-010
- Property: means anything that may be the subject of ownership, whether legal or equitable, or any interest therein. See Kentucky Statutes 386B.1-010
- Settlor: means a person, including a testator, who creates or contributes property to a trust. See Kentucky Statutes 386B.1-010
- 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 Kentucky Statutes 386B.1-010
- Testator: A male person who leaves a will at death.
- Trust: means an express trust established by a trust instrument, including a will, whereby a trustee has the duty to administer a trust asset for the benefit of a named or otherwise described income or principal beneficiary, or both. See Kentucky Statutes 386B.1-010
- Trust instrument: means an instrument signed by the settlor that contains terms of the trust, including any amendments thereto. See Kentucky Statutes 386B.1-010
- Trustee: A person or institution holding and administering property in trust.
- Trustee: includes an original, additional, and successor trustee, and a cotrustee. See Kentucky Statutes 386B.1-010
(2) “Ascertainable standard” means a standard relating to an individual’s health, education, support, or maintenance within the meaning of 26 U.S.C. sec.
2041(b)(1)(A) or 26 U.S.C. § 2514(c)(1), as amended; (3) “Beneficiary” means a person that:
(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;
(4) “Charitable trust” means a trust, or part of a trust, established for a charitable purpose as described in KRS § 386B.4-050(1);
(5) “Conservator” means a person appointed by the court to administer the estate of a minor or adult individual;
(6) “Environmental law” means a federal, state, or local law, rule, regulation, or ordinance relating to protection of the environment;
(7) “Guardian” means a person appointed by the court, a parent, or a spouse to make decisions regarding the support, care, education, health, and welfare of a minor or adult individual. The term shall not include a guardian ad litem;
(8) “Interests of the beneficiaries” means the beneficial interests provided in the terms of the trust;
(9) “Jurisdiction,” with respect to a geographic area, includes a state or country; (10) “Person” means any individual or entity as defined in KRS § 446.010;
(11) “Power of withdrawal” means a presently exercisable general power of appointment other than a power:
(a) Exercisable by a trustee and limited by an ascertainable standard; or
(b) Exercisable by another person only on the consent of the trustee or a person holding an adverse interest;
(12) “Property” means anything that may be the subject of ownership, whether legal or equitable, or any interest therein;
(13) “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 paragraph (a) of this subsection ended on that date without causing the trust to end; or
(c) Would be a distributee or permissible distributee of trust income or principal if the trust ended on that date;
(14) “Revocable,” as applied to a trust, means revocable by the settlor without the consent of the trustee or a person holding an adverse interest;
(15) “Settlor” means a person, including a testator, who creates or contributes property to a trust. If more than one (1) person creates or contributes property to a trust, each person is a settlor of the part of the trust property attributable to that person’s contribution except to the extent another person has the power to revoke or withdraw that part;
(16) “Spendthrift provision” means a term of a trust which restrains both voluntary and involuntary transfer of a beneficiary’s interest;
(17) “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. The term includes an Indian tribe or band recognized by federal law or formally acknowledged by a state;
(18) “Terms of a trust” means the manifestation of the settlor’s intent regarding a trust’s provisions as expressed in the trust instrument or as may be established by other evidence that would be admissible in a judicial proceeding;
(19) (a) “Trust” means an express trust established by a trust instrument, including a will, whereby a trustee has the duty to administer a trust asset for the benefit of a named or otherwise described income or principal beneficiary, or both. This definition includes oral trusts.
(b) “Trust” does not include a resulting or constructive trust, a business trust which provides for certificates to be issued to the beneficiary, an investment trust, a voting trust, a security instrument, a trust established by the judgment of a court, a liquidation trust, or a trust for the primary purpose of paying dividends, interests, interest coupons, salaries, wages, pensions or profits, or employee benefits of any kind, an instrument in which a person is nominee or escrowee for another, a trust established in deposits in any financial institution, or other trust the nature of which does not admit of general trust administration;
(20) “Trust instrument” means an instrument signed by the settlor that contains terms of the trust, including any amendments thereto; and
(21) “Trustee” includes an original, additional, and successor trustee, and a cotrustee.
Effective: July 15, 2014
History: Created 2014 Ky. Acts ch. 25, sec. 1, effective July 15, 2014.