Terms Used In Montana Code > Title 72 > Chapter 38 > Part 5 - Creditor's Claims -- Spendthrift and Discretionary Trusts

• Ascertainable standard: means a standard relating to an individual's health, education, support, or maintenance within the meaning of section 2041(b)(1)(A) or 2514(c)(1) of the Internal Revenue Code of 1986, as in effect on the effective date of this chapter, or as later amended. See Montana Code 72-38-103
• Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
• 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 who:

  (a)has a present or future beneficial interest in a trust, vested or contingent; or

  (b)in a capacity other than that of trustee, holds a power of appointment over trust property. See Montana Code 72-38-103

• Irrevocable trust: A trust arrangement that cannot be revoked, rescinded, or repealed by the grantor.
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• Power of withdrawal: means a presently exercisable general power of appointment other than a power:

  (a)exercisable by a trustee and limited by an ascertainable standard; or

  (b)exercisable by another person only upon consent of the trustee or a person holding an adverse interest. See Montana Code 72-38-103

• Probate: Proving a will
• Property: means anything that may be the subject of ownership, whether real or personal, legal or equitable, or any interest therein. See Montana Code 72-38-103
• Revocable trust: A trust agreement that can be canceled, rescinded, revoked, or repealed by the grantor (person who establishes the trust).
• Settlor: means a person, including a testator, who creates or contributes property to a trust. See Montana Code 72-38-103
• Spendthrift provision: means a term of a trust that restrains both voluntary and involuntary transfer of a beneficiary's interest. See Montana Code 72-38-103
• Terms of a trust: means :

  (a)except as otherwise provided in subsection (21)(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 72-38-111. See Montana Code 72-38-103

• Trustee: A person or institution holding and administering property in trust.
• Trustee: includes an original, additional, and successor trustee and a cotrustee. See Montana Code 72-38-103