Terms Used In Montana Code > Title 72 > Chapter 38 > Part 4 - Creation, Validity, Modification, and Termination of Trust

• 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 who:

  (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. See Montana Code 72-38-103

• Charitable trust: means a trust or portion of a trust created for a charitable purpose described in 72-38-405(1). See Montana Code 72-38-103
• Conservator: means a person appointed by the court to administer the estate of a minor or adult individual. See Montana Code 72-38-103
• Continuance: Putting off of a hearing ot trial until a later time.
• 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.
• Fraud: Intentional deception resulting in injury to another.
• Irrevocable trust: A trust arrangement that cannot be revoked, rescinded, or repealed by the grantor.
• 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 an individual, corporation, business trust, estate, trust, partnership, limited liability company, association, joint venture, government, governmental subdivision, agency, or instrumentality, public corporation, or any other legal or commercial entity. See Montana Code 72-38-103
• 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}
• Property: means anything that may be the subject of ownership, whether real or personal, legal or equitable, or any interest therein. See Montana Code 72-38-103
• Settlor: means a person, including a testator, who creates or contributes property to a trust. See Montana Code 72-38-103
• Spendthrift provision: means a term of a trust that restrains both voluntary and involuntary transfer of a beneficiary's interest. See Montana Code 72-38-103
• Statute: A law passed by a legislature.
• Terms of a trust: means :

  (a)except as otherwise provided in subsection (21)(b), the manifestation of the settlor's intent regarding a trust's provisions as:

  (i)expressed in the trust instrument; or

  (ii)established by other evidence that would be admissible in a judicial proceeding; or

  (b)the trust's provisions as established, determined, or amended by:

  (i)a trustee or trust director in accordance with applicable law;

  (ii)court order; or

  (iii)a nonjudicial settlement agreement under 72-38-111. See Montana Code 72-38-103

• Trust instrument: means an instrument executed by the settlor that contains terms of the trust, including any amendments thereto. See Montana Code 72-38-103
• Trustee: A person or institution holding and administering property in trust.
• Trustee: includes an original, additional, and successor trustee and a cotrustee. See Montana Code 72-38-103
• Writing: includes printing. See Montana Code 1-1-203