Kansas Statutes 58-5002. Definitions
Terms Used In Kansas Statutes 58-5002
- 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.
- 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.
- 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.
- Property: includes personal and real property. See Kansas Statutes 77-201
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
- State: when applied to the different parts of the United States, includes the District of Columbia and the territories. See Kansas Statutes 77-201
- Testator: A male person who leaves a will at death.
- Trustee: A person or institution holding and administering property in trust.
As used in the Kansas uniform directed trust act:
(1) “Breach of trust” includes a violation by a trust director or trustee of a duty imposed on that director or trustee by the terms of the trust, this act or law of this state pertaining to trusts other than this act.
(2) “Directed trust” means a trust for which the terms of the trust grant a power of direction.
(3) “Directed trustee” means a trustee that is subject to a trust director’s power of direction.
(4) “Person” means an individual, estate, business or nonprofit entity, public corporation, government or governmental subdivision, agency or instrumentality, or other legal entity.
(5) “Power of direction” means a power over a trust granted to a person by the terms of the trust to the extent the power is exercisable while the person is not serving as a trustee. The term includes a power over the investment, management, or distribution of trust property or other matters of trust administration. The term excludes the powers described in Kan. Stat. Ann. 2023 Supp. 58-5005(b), and amendments thereto.
(6) “Settlor” means a person, including a testator, that creates, or contributes property to, a trust. If more than one person creates or contributes property to a trust, each person is a settlor of the portion of the trust property attributable to that person’s contribution except to the extent another person has the power to revoke or withdraw that portion.
(7) “State” means a state of the United States, the District of Columbia, Puerto Rico, the United States Virgin Islands, or any other territory or possession subject to the jurisdiction of the United States.
(8) “Terms of a trust” means:
(A) Except as otherwise provided in subsection (8)(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 Kan. Stat. Ann. § 58a-111, and amendments thereto.
(9) “Trust director” means a person that is granted a power of direction by the terms of a trust to the extent the power is exercisable while the person is not serving as a trustee. The person is a trust director whether or not the terms of the trust refer to the person as a trust director and whether or not the person is a beneficiary or settlor of the trust.
(10) “Trustee” includes an original, additional, and successor trustee, and a cotrustee.