2010 Pennsylvania Code
Title 20 - DECEDENTS, ESTATES AND FIDUCIARIES
Chapter 77 - Trusts
7703 - Definitions - UTC 103.

     § 7703.  Definitions - UTC 103.
        The following words and phrases when used in this chapter
     shall have the meanings given to them in this section unless the
     context clearly indicates otherwise:
        "Action."  With respect to an act of a trustee, includes a
     failure to act.
        "Beneficiary."  A person that:
            (1)  has a present or future beneficial interest in a
        trust, vested or contingent; or
            (2)  in a capacity other than that of trustee or
        protector, holds a power of appointment over trust property.
        "Charitable trust."  A trust, or portion of a trust, created
     for a charitable purpose described in section 7735(a) (relating
     to charitable purposes; enforcement - UTC 405).
        "Current beneficiary."  A person 18 years of age or older to
     or for whom income or principal of a trust must be distributed
     currently or a person 25 years of age or older to or for whom
     income or principal of a trust may, in the trustee's discretion,
     be distributed currently.
        "Guardian."  A person other than a guardian ad litem who is
     appointed by the court to make decisions regarding the property
     of an individual.
        "Interests of the beneficiaries."  The beneficial interests
     provided in the trust instrument.
        "Jurisdiction."  With reference to a geographic area, a
     country, state or county.
        "Power of withdrawal."  The unrestricted power of a
     beneficiary, acting as a beneficiary and not as a trustee, to
     transfer to himself or herself the entire legal and beneficial
     interest in all or a portion of trust property. However, a power
     to withdraw the greater of the amount specified in section
     2041(b)(2), 2503(b) or 2514(e) of the Internal Revenue Code of
     1986 (Public Law 99-514, 26 U.S.C. § 2041(b)(2), 2503(b) or
     2514(e)), or any lesser amount determined by reference to one or
     more of these provisions, may not be treated as a power of
     withdrawal.
        "Property."  Anything that may be the subject of ownership,
     whether real or personal, legal or equitable, or any interest
     therein.
        "Qualified beneficiary."  Assuming nonexercise of all
     testamentary powers of appointment, a beneficiary who on the
     date the beneficiary's qualification is determined:
            (1)  is a distributee or permissible distributee of trust
        income or principal;
            (2)  would be a distributee or permissible distributee of
        trust income or principal if the interests of the
        distributees described in paragraph (1) terminated on that
        date; or
            (3)  would be a distributee or permissible distributee of
        trust income or principal if the trust terminated on that
        date.
        "Revocable trust."  A trust is revocable to the extent the
     settlor, immediately before the time as of which the
     determination is made, had the power, acting without the consent
     of the trustee or any person holding an interest adverse to
     revocation, to prevent the transfer of the trust property at the
     settlor's death by revocation or amendment of or withdrawal of
     property from the trust.
        "Settlor."  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.
        "Spendthrift provision."  A provision in a trust instrument
     that restrains both voluntary and involuntary transfer of a
     beneficiary's interest.
        "Trust instrument."  A will or other written instrument
     executed by the settlor that contains trust provisions,
     including any amendments thereto.
        "Trustee."  Includes an original, additional and successor
     trustee and a cotrustee.