§ 386b-1-010

386B.1 -010 Definitions for chapter. 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 maintenanc e within the meaning of 26 U.S.C. sec. 2041(b)(1)(A) or 26 U.S.C. sec. 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 administ er 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 spous e to make decisions regarding the support, care, education, health, and welfare of a minor or adult individual.

environment; (7) 'Guardian' means a person appointed by the court, a parent, or a spous e 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 dete rmined: (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

ary's qualification is dete rmined: (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 ende d 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 settlo r 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 involu ntary transfer of a beneficiary's interest; (17) 'State' means a state of the United States, the District of Columbia, Puerto Rico, the United

erm of a trust which restrains both voluntary and involu ntary 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. T he 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 n amed 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

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 in strument' 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 2 014 Ky. Acts ch. 25, sec. 1, effective July 15, 2014.