701.01(2)

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(2) Charitable and private trust. To the extent that trust income or principal presently or in the future must be used by the trustee exclusively for a charitable purpose as defined in § 701.10 (1), the trust is a “charitable trust”; any other trust is a “private trust”, provided it is for the benefit of a person sufficiently identifiable to enforce the trust.

701.01(6)

(6) Testamentary and living trust. “Testamentary trust” means a trust subject to the continuing jurisdiction of the court assigned to exercise probate jurisdiction; “living trust” means any other trust, including a testamentary trust removed to this state from another state.

701.01

701.01 Definitions. As used in this chapter, unless the context indicates otherwise:

701.01(1)

(1) Beneficiary. “Beneficiary” means a person who has a beneficial interest in a trust.

701.01(3)

(3) Court. “Court” means the court having jurisdiction.

701.01(4)

(4) Property. “Property” means an interest in real or personal property.

701.01(5)

(5) Settlor. “Settlor” means a person who directly or indirectly creates a living or testamentary trust or adds property to an existing trust.

701.01(7)

(7) Trust. “Trust” means an express living or testamentary, private or charitable trust in property which arises as a result of a manifestation of intention to create it.

701.01(8)

(8) Trustee. “Trustee” means a person holding in trust title to or holding in trust a power over property. “Trustee” includes an original, added or successor trustee.