2017 Maryland Code
Estates and Trusts
Title 14 - Trusts
Subtitle 4 - Maryland Discretionary Trust Act
§ 14-401. Definitions
- (a) In general. -- In this subtitle the following words have the meanings indicated.
- (b) Adult. -- "Adult" means an individual who is at least 18 years of age.
- (c) Beneficiary. -- "Beneficiary" means an individual for whose present benefit property is held by a trustee in accordance with this subtitle.
- (d) Conservator. -- "Conservator" means a person appointed or qualified by a court to act as general, limited, or temporary guardian of an individual's property or a person legally authorized to perform substantially the same functions.
- (e) Court. -- "Court" means the circuit courts of the State of Maryland.
- (f) Declarant. -- "Declarant" means a transferor who creates a trust under this subtitle and serves as the trustee.
- (g) Guardian. -- "Guardian" means a person appointed or qualified by a court as a guardian of the person of an individual, including a limited guardian, but not a person who is only a guardian ad litem.
- (h) Legal representative. -- "Legal representative" means a personal representative, conservator, or an attorney in fact under a durable power of attorney.
- (i) Member of the beneficiary's family. -- "Member of the beneficiary's family" means a beneficiary's spouse, descendant, stepchild, parent, stepparent, grandparent, brother, sister, uncle, or aunt, whether of the whole or half blood or by adoption.
- (j) Person. -- "Person" means an adult, corporation, organization, or any other legal entity.
- (k) Personal representative. -- "Personal representative" means an executor, administrator, or special administrator of a decedent's estate, a person legally authorized to perform substantially the same functions, or a successor to any of them.
- (l) State. -- "State" means the United States of America, a state or subdivision thereof, a territory or possession of the United States, the District of Columbia, the Commonwealth of Puerto Rico, and any territory or possession subject to the legislative authority of the United States.
- (m) Transferor. --
- (1) "Transferor" means a person who creates a trust by transfer or declaration under this subtitle.
- (2) "Transferor" does not include a person, other than the person who created the trust, who augments an existing trust.
- (n) Trust. --
- (1) "Trust" means a trust created under this subtitle.
- (2) "Trust" does not include a trust created by the transferor for the benefit of the transferor.
- (o) Trust property. -- "Trust property" means any property, income, or proceeds resulting from the investment of property held in trust under this subtitle.
- (p) Trustee. -- "Trustee" means a person authorized by law to act as trustee who is designated as trustee of a trust under this subtitle or successor to the person designated.
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