§ 14.5-103. Definitions
West's Annotated Code of MarylandEstates and TrustsEffective: October 1, 2019
Effective: October 1, 2019
MD Code, Estates and Trusts, § 14.5-103
§ 14.5-103. Definitions
(c) “Ascertainable standard” means a standard relating to an individual's health, education, support, or maintenance within the meaning of § 2041(b)(1)(A) or § 2514(c)(1) of the Internal Revenue Code of 1986, as in effect on January 1, 2015.
(d) “Beneficiary” means a person that:
(e) “Charitable trust” means a trust, or portion of a trust, created for a charitable purpose described in § 14-301(b) of this article.
(f) “Delivery address” means:
(g)(1) “Discretionary distribution provision” means a provision in a trust that provides that the trustee has discretion, or words of similar import, to determine one or more of the following:
(h)(1) “Environmental law” means a federal, State, or local law, rule, regulation, or ordinance that relates to the protection of the environment.
(i) “General power of appointment”, subject to § 14.5-507(b)(7) of this title, means a power of appointment that:
(j)(1) “Guardian of the person” means a person appointed by the court or, in the case of a minor with no living parent, by the probated will of a parent of the minor, to make decisions regarding the support, care, education, health, and welfare of a minor or an adult individual.
(k) “Guardian of the property” means a person appointed by the court to administer the estate of a minor or an adult individual.
(m) “Incapacity” means the inability of an individual to manage the individual's property or financial affairs effectively due to:
(n) “Interests of the beneficiaries” means the beneficial interests provided in the terms of the trust.
(p)(1) “Mandatory distribution provision” means a provision in a trust that requires the trustee to make a distribution of income or principal to a beneficiary, including a distribution on termination of the trust.
(q) “Person” means:
(r) “Power of appointment” means the authority to designate the recipient or recipients of beneficial interests in property.
(s) “Power of withdrawal”, subject to § 14.5-507(b) of this title, means a presently exercisable power to withdraw trust property from a trust for the use or benefit of the power holder, other than a power:
(t) “Property” means anything that may be the subject of ownership, whether real or personal, legal or equitable, or an interest in the thing.
(u)(1) “Qualified beneficiary” means a beneficiary that on the date the qualification of the beneficiary is determined:
(v) “Revocable”, as applied to a trust, means revocable by the settlor without the consent of the trustee or a person holding an adverse interest.
(w)(1) “Settlor” means a person, including a testator, that creates or contributes property to a trust.
(2) “Settlor” includes a person that, with other settlors, creates or contributes property to a trust in which case each such person is a settlor of the portion of the trust property attributable to the contribution of that person except to the extent another person has the power to revoke or withdraw that portion.
(x) “Spendthrift provision” means a term of a trust that:
(y)(1) “State” means a state of the United States, the District of Columbia, Puerto Rico, the United States Virgin Islands, or any territory or insular possession subject to the jurisdiction of the United States.
(z)(1) “Support provision” means a mandatory distribution provision in a trust that provides that the trustee shall distribute income or principal or both for the health, education, support, or maintenance of a beneficiary, or language of similar import.
(2) “Support provision” does not include a provision in a trust that provides that a trustee has discretion whether to distribute income or principal or both for the purposes under paragraph (1) of this subsection or to select from among a class of beneficiaries to receive distributions in accordance with the trust provision.
(aa) “Terms of a trust” means the manifestation of the intent of the settlor regarding the provisions of a trust as expressed in the trust instrument or as may be established by other evidence that would be admissible in a judicial proceeding.
(bb) “Trust instrument” means an instrument executed by the settlor that contains terms of the trust, including amendments to the trust.
Added by Acts 2014, c. 585, § 1, eff. Jan. 1, 2015. Amended by Acts 2015, c. 22, § 1, eff. April 14, 2015; Acts 2015, c. 450, §§ 1, 2, eff. Oct. 1, 2015; Acts 2017, c. 663, § 1, eff. July 1, 2017; Acts 2017, c. 666, § 1, eff. Oct. 1, 2017; Acts 2019, c. 291, §§ 1, 2, eff. Oct. 1, 2019.
MD Code, Estates and Trusts, § 14.5-103, MD EST & TRST § 14.5-103
Current through legislation effective July 1, 2020, from the 2020 Regular Session of the General Assembly.
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