Massachusetts General Laws ch. 203B sec. 1 – Definitions
Section 1. This chapter shall be known as and may be cited as the Massachusetts Uniform Custodial Trust Act.
Terms Used In Massachusetts General Laws ch. 203B sec. 1
- 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.
- Decedent: A deceased person.
- Executor: A male person named in a will to carry out the decedent
- Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Probate: Proving a will
- Trustee: A person or institution holding and administering property in trust.
As used in this chapter the following words shall, unless the context requires otherwise, have the following meanings:
”Adult”, an individual who is at least eighteen years of age.
”Beneficiary”, an individual for whom property has been transferred to or held under a declaration of trust by a custodial trustee for the individual’s use and benefit under this chapter.
”Conservator”, a person appointed or qualified by a court to manage the estate of an individual or a person legally authorized to perform substantially the same functions.
”Court”, the probate and family court.
”Custodial trust property”, an interest in property transferred to or held under a declaration of trust by a custodial trustee under this chapter and the income from and proceeds of such interest.
”Custodial trustee”, a person designated as trustee of a custodial trust under this chapter or a substitute or successor to the person so designated.
”Guardian”, a person appointed or qualified by a court as a guardian of an individual, including a limited guardian, but not a person who is only a guardian ad litem.
”Incapacitated”, lacking the ability to manage property and business affairs effectively by reason of mental illness, mental deficiency, physical illness or disability, chronic use of drugs, chronic intoxication, confinement, detention by a foreign power, disappearance, minority, or other disabling cause.
”Legal representative”, a personal representative or conservator.
”Member of the beneficiary‘s family”, a beneficiary’s spouse, descendant, stepchild, parent, stepparent, grandparent, brother, sister, uncle, or aunt, whether of the whole or half blood or by adoption.
”Person”, an individual, corporation, business trust, estate, trust, partnership, joint venture, association, or any other legal or commercial entity.
”Personal representative”, an executor, administrator, or special administrator of a decedent‘s estate, a person legally authorized to perform substantially the same functions, or a successor to any of them.
”State”, a state, territory, or possession of the United States, the District of Columbia, or the Commonwealth of Puerto Rico.
”Transferor”, a person who creates a custodial trust by transfer or declaration.
”Trust company”, a financial institution, corporation, or other legal entity, authorized to exercise general trust powers.