Kansas Statutes 59-1608. Power of beneficiary
Current as of: 2023 | Check for updates
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Terms Used In Kansas Statutes 59-1608
- 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
- Incapacitated person: means an individual whose ability to receive and evaluate relevant information, or to effectively communicate decisions, or both, even with the use of assistive technologies or other supports, is impaired to the degree that the person lacks the capacity to manage the person's estate, or to meet essential needs for the person's physical health, safety or welfare, as defined in Kan. See Kansas Statutes 77-201
- Trustee: A person or institution holding and administering property in trust.
Subject to the approval of the court, any beneficiary, if of full age and not an incapacitated person, may, if acting upon full information, by written instrument delivered to the trustee, excuse the trustee as to such beneficiary from performing any of the duties imposed on the trustee by this article or exempt the trustee from liability to such beneficiary for failure to perform any of the duties imposed upon the trustee by the terms of this article.