Kentucky Statutes 386B.1-080 – Others treated as qualified beneficiaries
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(1) A charitable organization expressly designated to receive distributions under the terms of a charitable trust has the rights of a qualified beneficiary under this chapter if the charitable organization, on the date the charitable organization’s qualification is being determined:
(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 on the termination of the interests of other distributees or permissible distributes then receiving or eligible to receive distributions; or
(c) Would be a distributee or permissible distributee of trust income or principal if the trust ended on that date.
(2) A person appointed to enforce a trust established for the care of an animal or another noncharitable purpose under KRS § 386B.4-080 or 386B.4-090, has the rights of a qualified beneficiary under this chapter.
(3) Other than those listed in KRS § 386B.7-060, the Attorney General has the rights of a qualified beneficiary with respect to a charitable trust governed by this chapter.
Effective: July 15, 2014
History: Created 2014 Ky. Acts ch. 25, sec. 8, effective July 15, 2014.
(a) Is a distributee or permissible distributee of trust income or principal;
Terms Used In Kentucky Statutes 386B.1-080
- Animal: includes every warm-blooded living creature except a human being. See Kentucky Statutes 446.010
- Attorney: means attorney-at-law. See Kentucky Statutes 446.010
- 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 that:
(a) Has a present or future beneficial interest in a trust, vested or contingent. See Kentucky Statutes 386B.1-010 - Charitable trust: means a trust, or part of a trust, established for a charitable purpose as described in KRS §. See Kentucky Statutes 386B.1-010
- Person: means any individual or entity as defined in KRS §. See Kentucky Statutes 386B.1-010
- 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 named or otherwise described income or principal beneficiary, or both. See Kentucky Statutes 386B.1-010
(b) Would be a distributee or permissible distributee of trust income or principal on the termination of the interests of other distributees or permissible distributes then receiving or eligible to receive distributions; or
(c) Would be a distributee or permissible distributee of trust income or principal if the trust ended on that date.
(2) A person appointed to enforce a trust established for the care of an animal or another noncharitable purpose under KRS § 386B.4-080 or 386B.4-090, has the rights of a qualified beneficiary under this chapter.
(3) Other than those listed in KRS § 386B.7-060, the Attorney General has the rights of a qualified beneficiary with respect to a charitable trust governed by this chapter.
Effective: July 15, 2014
History: Created 2014 Ky. Acts ch. 25, sec. 8, effective July 15, 2014.