§ 601 Capacity of settlor of revocable trust
§ 602 Revocation or amendment of revocable trust
§ 603 Settlor’s powers; powers of withdrawal
§ 604 Limitation on action contesting validity of revocable trust; distribution of trust property
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Terms Used In Maine Revised Statutes > Title 18-B > Part 1 > Chapter 6 - Revocable Trusts

  • Adult: means a person who has attained the age of 18 years. See Maine Revised Statutes Title 1 Sec. 72
  • Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
  • Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • 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
  • Codicil: An addition, change, or supplement to a will executed with the same formalities required for the will itself.
  • Common law: The legal system that originated in England and is now in use in the United States. It is based on judicial decisions rather than legislative action.
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Decedent: A deceased person.
  • Executor: A male person named in a will to carry out the decedent
  • Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
  • Holder: means :
A. See Maine Revised Statutes Title 33 Sec. 1581
  • in writing: include printing and other modes of making legible words. See Maine Revised Statutes Title 1 Sec. 72
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
  • Municipal officers: means :
    • A. See Maine Revised Statutes Title 30-A Sec. 2001
  • Municipality: means a city or town, except as provided in chapter 225. See Maine Revised Statutes Title 30-A Sec. 2001
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
  • Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. Source: OCC
  • Probate: Proving a will
  • Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
  • Revocable trust: A trust agreement that can be canceled, rescinded, revoked, or repealed by the grantor (person who establishes the trust).
  • Statute of limitations: A law that sets the time within which parties must take action to enforce their rights.
  • Trail easement: means a nonpossessory interest of a holder in real property for the purposes of creating and maintaining a trail for use by the general public:
    • A. See Maine Revised Statutes Title 33 Sec. 1581
  • Trustee: A person or institution holding and administering property in trust.