Key Definitions in the Trust Code

14-10103. Definitions In this chapter, unless the context otherwise requires: 1. "Action", with respect to an act of a trustee, includes a failure to act. 2. "Beneficiary" means a person who either: (a) Has a present or future beneficial interest in a trust, vested or contingent. (b) In a capacity other than that of a trustee, holds a power of appointment over trust property. 3. "Charitable trust" means a trust, or portion of a trust, created for a charitable purpose described in section 14-10405, subsection A. 4. "Conservator" means a person appointed by the court to administer the estate of a minor or an adult. 5. "Distributee" means a person who receives property from a trust other than as a creditor or purchaser. 6. "Environmental law" means a federal, state or local law, rule, regulation or ordinance relating to protection of the environment. 7. "Guardian" means a person appointed by the court to make decisions regarding the support, care, education, health and welfare of a minor or an adult. Guardian does not include a guardian ad litem. 8. "Interests of the beneficiaries" means the beneficial interests provided in the terms of the trust. 9. "Internal revenue code" has the same meaning prescribed in section 43-105. 10. "Jurisdiction", with respect to a geographic area, includes a state or country. 11. "Person" means an individual, corporation, business trust, estate, trust, partnership, limited liability company, association, joint venture, government, governmental subdivision, agency or instrumentality, public corporation or any other legal or commercial entity. 12. "Power of withdrawal" means a presently exercisable general power of appointment other than a power exercisable either: (a) By a trustee and limited by an ascertainable standard. (b) By a person other than in a fiduciary capacity and only on the consent of the trustee or a person holding an adverse interest. 13. "Property" means anything that may be the subject of ownership, whether real or personal, legal or equitable, or any interest therein. 14. "Qualified beneficiary" means a beneficiary who, on the date the beneficiary's qualification is 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 if the interests of the distributees described in subdivision (a) of this paragraph terminated on that date without causing the trust to terminate. (c) Would be a distributee or permissible distributee of trust income or principal if the trust terminated on that date. 15. "Revocable", as applied to a trust, means revocable by the settlor without the consent of the trustee or a person holding an adverse interest. 16. "Settlor" means a person, including a testator, who creates or contributes property to a trust. If more than one person creates or contributes property to a trust, each person is a settlor of the portion of the trust property attributable to that person's contribution except to the extent another person has the power to revoke or withdraw that portion. 17. "Spendthrift provision" means a term of a trust that restrains both voluntary and involuntary transfer of a beneficiary's interest. 18-22. [Additional definitions for terms of a trust, trust instrument, trustee, and other defined terms.]