Washington Code 11.107.010 – Definitions
Current as of: 2023 | Check for updates
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The definitions in this section apply throughout this chapter unless the context clearly requires otherwise.
Terms Used In Washington Code 11.107.010
- 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
- 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.
- Internal revenue code: means the United States internal revenue code of 1986, as amended or renumbered as of January 1, 2001. See Washington Code 11.02.005
- Trustee: means an original, added, or successor trustee and includes the state, or any agency thereof, when it is acting as the trustee of a trust to which chapter 11. See Washington Code 11.02.005
- Trustee: A person or institution holding and administering property in trust.
(1) “Ascertainable standard” means a standard relating to an individual’s health, education, support, or maintenance within the meaning of Title 26 U.S.C. § 2041(b)(1)(A) or 2514(c)(1) of the federal internal revenue code and any applicable regulations, as amended, as of July 23, 2017.
(2) “Charitable interest” means an interest in a trust that:
(a) Is held by a charitable organization;
(b) Benefits charitable organizations;
(c) Is held for charitable purposes; or
(d) Holds assets subject to limitations permitting their use only for charitable, religious, eleemosynary, benevolent, educational, or similar purposes.
(3) “Charitable purpose” means a purpose that is for: The relief of poverty, the advancement of education or religion, the promotion of health, governmental or municipal purposes, or other purposes the achievement of which are beneficial to a community.
(4) “Decanting power” or “the decanting power” means the power of a trustee under this chapter to distribute income and principal of a first trust to one or more second trusts or to modify the terms of the first trust.
(5) “Expanded discretion” means a discretionary power of distribution that is not limited to an ascertainable standard or a reasonably definite standard.
(6) “First trust” means a trust over which a trustee may exercise the decanting power.
(7) “Limited discretion” means a discretionary power of distribution that is limited to an ascertainable standard or a reasonably definite standard.
(8) “Person” means an individual, estate, business or nonprofit entity, public corporation, government or governmental subdivision, agency, or instrumentality, or other legal entity.
(9) “Qualified beneficiary” means a beneficiary that on the date of qualification is described in RCW 11.98.002(2).
(10) “Reasonably definite standard” means a clearly measurable standard under which a holder of a power of distribution is legally accountable within the meaning of Title 26 U.S.C. § 674(b)(5)(A) of the federal internal revenue code and any applicable regulations, as amended, as of July 23, 2017.
(11) “Second trust” means:
(a) A first trust after modification under this chapter; or
(b) A trust to which a distribution of income and principal from a first trust is or may be made under this chapter.
[ 2017 c 29 § 1.]