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286.3-218 Definitions for KRS 286.3-219 and 286.3-220.
As used in KRS 286.3-219 and 286.3-220:
(1) "Life beneficiary" means a beneficiary who is a current permissible or mandatory
recipient of income or principal from the trust, or, if more than one (1), the
beneficiary or beneficiaries of the oldest generation;
(2) "Remainder beneficiary" means a beneficiary who would have received the trust
property in fee but for the continuation of the trust by the corporate trustee;
(3) "A portion or all of the trust" means a portion, including all, of any remainder
beneficiary's share of the trust to which the remainder beneficiary would be entitled
in fee following the death of the life beneficiary. The portion of each of the
remainder beneficiary's share that is continued shall be held as a separate trust;
(4) "Trust" has the same meaning as set forth in KRS 386B.1-010; and
(5) "Corporate trustee" means a trust company or a bank empowered as a fiduciary.
Effective: July 15, 2014
History: Amended 2014 Ky. Acts ch. 25, sec. 98, effective July 15, 2014. -- Created
2000 Ky. Acts ch. 440, sec. 1, effective July 14, 2000.
Formerly codified as KRS 287.218.
Legislative Research Commission Note (7/12/2006). In accordance with 2006 Ky. Acts
ch. 247, secs. 38 and 39, this statute has been renumbered as a section of the
Kentucky Financial Services Code, KRS Chapter 286, and KRS references within
this statute have been adjusted to conform with the 2006 renumbering of that code.
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