Maryland Code, ESTATES AND TRUSTS 14.5-303
Terms Used In Maryland Code, ESTATES AND TRUSTS 14.5-303
- 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
- Decedent: A deceased person.
- 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.
- minor: means an individual under the age of 18 years. See
- Person: includes an individual, receiver, trustee, guardian, personal representative, fiduciary, representative of any kind, corporation, partnership, business trust, statutory trust, limited liability company, firm, association, or other nongovernmental entity. See
- Personal representative: includes an administrator and an executor. See
- Trustee: A person or institution holding and administering property in trust.
(1) A guardian of the property may represent and bind the minor or disabled person;
(2) A guardian of the person may represent and bind the minor or disabled person if a guardian of the property has not been appointed;
(3) An agent having specific authority to act with respect to trust matters may represent and bind the principal;
(4) A trustee of a trust that is a beneficiary of another trust may represent and bind the beneficiaries of the trust that is the beneficiary of the other trust;
(5) A personal representative of the estate of a decedent that is a beneficiary of a trust may represent and bind interested persons in the estate;
(6) A parent may represent and bind the minor, incapacitated, unborn, or unknown child of the parent or child of the parent whose location is unknown and not reasonably ascertainable if a guardian of the property or guardian of the person for the child has not been appointed; and
(7) If a minor, an incapacitated, unborn, or unknown individual or an individual whose location is unknown and not reasonably ascertainable is not otherwise represented under this section, a grandparent or more remote ancestor may represent and bind the individual.