Kentucky Statutes 286.3-218 – Definitions for KRS 286.3-219 and 286.3-220
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As used in KRS § 286.3-219 and KRS § 286.3-220:
(1) “Life beneficiary” means a beneficiary who is a current permissible or mandatory recipient of income or principal from the trust, or, if more than one (1), the beneficiary or beneficiaries of the oldest generation;
(2) “Remainder beneficiary” means a beneficiary who would have received the trust property in fee but for the continuation of the trust by the corporate trustee;
(3) “A portion or all of the trust” means a portion, including all, of any remainder beneficiary’s share of the trust to which the remainder beneficiary would be entitled in fee following the death of the life beneficiary. The portion of each of the remainder beneficiary’s share that is continued shall be held as a separate trust;
(4) “Trust” has the same meaning as set forth in KRS § 386B.1-010; and
(5) “Corporate trustee” means a trust company or a bank empowered as a fiduciary.
Effective: July 15, 2014
History: Amended 2014 Ky. Acts ch. 25, sec. 98, effective July 15, 2014. — Created
2000 Ky. Acts ch. 440, sec. 1, effective July 14, 2000.
Formerly codified as KRS § 287.218.
Legislative Research Commission Note (7/12/2006). In accordance with 2006 Ky. Acts ch. 247, secs. 38 and 39, this statute has been renumbered as a section of the Kentucky Financial Services Code, KRS Chapter 286, and KRS references within this statute have been adjusted to conform with the 2006 renumbering of that code.
(1) “Life beneficiary” means a beneficiary who is a current permissible or mandatory recipient of income or principal from the trust, or, if more than one (1), the beneficiary or beneficiaries of the oldest generation;
Terms Used In Kentucky Statutes 286.3-218
- 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
- Fiduciary: A trustee, executor, or administrator.
- Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
- Share: means the shares of stock or the unit of equity into which the proprietary interests in a corporation are divided. See Kentucky Statutes 286.3-010
- Statute: A law passed by a legislature.
- Trust company: includes every corporation authorized by this subtitle to do a trust business. See Kentucky Statutes 286.3-010
- Trustee: A person or institution holding and administering property in trust.
(2) “Remainder beneficiary” means a beneficiary who would have received the trust property in fee but for the continuation of the trust by the corporate trustee;
(3) “A portion or all of the trust” means a portion, including all, of any remainder beneficiary’s share of the trust to which the remainder beneficiary would be entitled in fee following the death of the life beneficiary. The portion of each of the remainder beneficiary’s share that is continued shall be held as a separate trust;
(4) “Trust” has the same meaning as set forth in KRS § 386B.1-010; and
(5) “Corporate trustee” means a trust company or a bank empowered as a fiduciary.
Effective: July 15, 2014
History: Amended 2014 Ky. Acts ch. 25, sec. 98, effective July 15, 2014. — Created
2000 Ky. Acts ch. 440, sec. 1, effective July 14, 2000.
Formerly codified as KRS § 287.218.
Legislative Research Commission Note (7/12/2006). In accordance with 2006 Ky. Acts ch. 247, secs. 38 and 39, this statute has been renumbered as a section of the Kentucky Financial Services Code, KRS Chapter 286, and KRS references within this statute have been adjusted to conform with the 2006 renumbering of that code.