(1) "Action," with respect to an act of a trustee, includes a failure to act.
(2) "Beneficiary" means a person that:
(A) Has a present or future beneficial interest in a trust, vested orcontingent; or
(B) in a capacity other than that of trustee, holds a power of appointmentover trust property.
(3) "Charitable trust" means a trust, or portion of a trust, created for acharitable purpose described in subsection (a) of K.S.A. 58a-405,and amendments thereto.
(4) "Conservator" means a person appointed by the court pursuant to K.S.A.59-3001 et seq., and amendments thereto, to administer the estate ofa minor or adult individual.
(5) "Environmental law" means a federal, state, or local law, rule,regulation, or ordinance relating to protection of the environment.
(6) "Guardian" means a person appointed by the court pursuant to K.S.A.59-3001 et seq., and amendments thereto, to make decisions regardingthe support, care, education, health, and welfare of a minor or adultindividual. The term does not include a guardian ad litem.
(7) "Interests of the beneficiaries" means the beneficial interests providedin the terms of the trust.
(8) "Jurisdiction," with respect to a geographic area, includes astate or country.
(9) "Person" means an individual, corporation, business trust, estate, trust,partnership, limited liability company, association, joint venture, government;governmental subdivision, agency, or instrumentality; public corporation, orany other legal or commercial entity.
(10) "Power of withdrawal" means a presently exercisable general power ofappointment other than a power:
(A) Exercisable by a trustee and limited by an ascertainable standardrelating to an individuals health, education, support or maintenance within themeaning of section 2041(b)(1)(A) or 2514(c)(1) of the Internal Revenue Codeof1986, as in effect on July 1, 2006; or
(B) exercisable by another person only upon consent of the trustee ora person holding an adverse interest.
(11) "Property" means anything that may be the subject of ownership, whetherreal or personal, legal or equitable, or any interest therein.
(12) (A) "Qualified beneficiary" means a beneficiary who,as of the date in question, either is eligible to receive mandatory ordiscretionary distributions oftrust income or principal, or would be so eligible if the trust terminated onthat date.
(B) For the purpose of trustee determining "qualified beneficiaries" of atrust in which a beneficial interest is subject to a power of appointment ofany nature, the trustee may conclusively presume such power of appointment hasnot been exercised unless the trustee has been furnished by the powerholder orthe legalrepresentative of the powerholder or the powerholder's estate with the originalor a copy of an instrument validly exercising such power of appointment, inwhich event the qualified beneficiaries shall be subsequently determined bygiving due consideration to such exercise unless and until the trustee has beengiven notification in a similar manner of an instrument which validly revokesormodifies such exercise.
(13) "Revocable," as applied to a trust, means revocable by the settlorwithout the consent of the trustee or a person holding an adverse interest.
(14) "Settlor" means a person, including a testator, who creates, orcontributes property to, a trust. If more than one person creates orcontributes property to a trust, each person is a settlor of the portion of thetrust property attributable to that person's contribution except to the extentanother person has the power to revoke or withdraw that portion.
(15) "Spendthrift provision" means a term of a trust which restrains eithervoluntary or involuntary transfer of a beneficiary's interest.
(16) "State" means a state of the United States, the District of Columbia,Puerto Rico, the United States Virgin Islands, or any territory or insularpossession subject to the jurisdiction of the United States. The term includesan Indian tribe or band recognized by federal law or formally acknowledged by astate.
(17) "Terms of a trust" means the manifestation of the settlor's intentregarding a trust's provisions as expressed in the trust instrument or as maybe established by other evidence that would be admissible in a judicialproceeding.
(18) "Trust instrument" means an instrument executed by the settlor thatcontains terms of the trust, including any amendments thereto.
(19) "Trustee" includes an original, additional, and successor trustee,and a cotrustee.
History: L. 2002, ch. 133, § 3;L. 2004, ch. 158, § 2;L. 2006, ch. 23, § 1; July 1.
(1) "Action," with respect to an act of a trustee, includes a failure to act.
(2) "Beneficiary" means a person that:
(A) Has a present or future beneficial interest in a trust, vested orcontingent; or
(B) in a capacity other than that of trustee, holds a power of appointmentover trust property.
(3) "Charitable trust" means a trust, or portion of a trust, created for acharitable purpose described in subsection (a) of K.S.A. 58a-405,and amendments thereto.
(4) "Conservator" means a person appointed by the court pursuant to K.S.A.59-3001 et seq., and amendments thereto, to administer the estate ofa minor or adult individual.
(5) "Environmental law" means a federal, state, or local law, rule,regulation, or ordinance relating to protection of the environment.
(6) "Guardian" means a person appointed by the court pursuant to K.S.A.59-3001 et seq., and amendments thereto, to make decisions regardingthe support, care, education, health, and welfare of a minor or adultindividual. The term does not include a guardian ad litem.
(7) "Interests of the beneficiaries" means the beneficial interests providedin the terms of the trust.
(8) "Jurisdiction," with respect to a geographic area, includes astate or country.
(9) "Person" means an individual, corporation, business trust, estate, trust,partnership, limited liability company, association, joint venture, government;governmental subdivision, agency, or instrumentality; public corporation, orany other legal or commercial entity.
(10) "Power of withdrawal" means a presently exercisable general power ofappointment other than a power:
(A) Exercisable by a trustee and limited by an ascertainable standardrelating to an individuals health, education, support or maintenance within themeaning of section 2041(b)(1)(A) or 2514(c)(1) of the Internal Revenue Codeof1986, as in effect on July 1, 2006; or
(B) exercisable by another person only upon consent of the trustee ora person holding an adverse interest.
(11) "Property" means anything that may be the subject of ownership, whetherreal or personal, legal or equitable, or any interest therein.
(12) (A) "Qualified beneficiary" means a beneficiary who,as of the date in question, either is eligible to receive mandatory ordiscretionary distributions oftrust income or principal, or would be so eligible if the trust terminated onthat date.
(B) For the purpose of trustee determining "qualified beneficiaries" of atrust in which a beneficial interest is subject to a power of appointment ofany nature, the trustee may conclusively presume such power of appointment hasnot been exercised unless the trustee has been furnished by the powerholder orthe legalrepresentative of the powerholder or the powerholder's estate with the originalor a copy of an instrument validly exercising such power of appointment, inwhich event the qualified beneficiaries shall be subsequently determined bygiving due consideration to such exercise unless and until the trustee has beengiven notification in a similar manner of an instrument which validly revokesormodifies such exercise.
(13) "Revocable," as applied to a trust, means revocable by the settlorwithout the consent of the trustee or a person holding an adverse interest.
(14) "Settlor" means a person, including a testator, who creates, orcontributes property to, a trust. If more than one person creates orcontributes property to a trust, each person is a settlor of the portion of thetrust property attributable to that person's contribution except to the extentanother person has the power to revoke or withdraw that portion.
(15) "Spendthrift provision" means a term of a trust which restrains eithervoluntary or involuntary transfer of a beneficiary's interest.
(16) "State" means a state of the United States, the District of Columbia,Puerto Rico, the United States Virgin Islands, or any territory or insularpossession subject to the jurisdiction of the United States. The term includesan Indian tribe or band recognized by federal law or formally acknowledged by astate.
(17) "Terms of a trust" means the manifestation of the settlor's intentregarding a trust's provisions as expressed in the trust instrument or as maybe established by other evidence that would be admissible in a judicialproceeding.
(18) "Trust instrument" means an instrument executed by the settlor thatcontains terms of the trust, including any amendments thereto.
(19) "Trustee" includes an original, additional, and successor trustee,and a cotrustee.
History: L. 2002, ch. 133, § 3;L. 2004, ch. 158, § 2;L. 2006, ch. 23, § 1; July 1.
(1) "Action," with respect to an act of a trustee, includes a failure to act.
(2) "Beneficiary" means a person that:
(A) Has a present or future beneficial interest in a trust, vested orcontingent; or
(B) in a capacity other than that of trustee, holds a power of appointmentover trust property.
(3) "Charitable trust" means a trust, or portion of a trust, created for acharitable purpose described in subsection (a) of K.S.A. 58a-405,and amendments thereto.
(4) "Conservator" means a person appointed by the court pursuant to K.S.A.59-3001 et seq., and amendments thereto, to administer the estate ofa minor or adult individual.
(5) "Environmental law" means a federal, state, or local law, rule,regulation, or ordinance relating to protection of the environment.
(6) "Guardian" means a person appointed by the court pursuant to K.S.A.59-3001 et seq., and amendments thereto, to make decisions regardingthe support, care, education, health, and welfare of a minor or adultindividual. The term does not include a guardian ad litem.
(7) "Interests of the beneficiaries" means the beneficial interests providedin the terms of the trust.
(8) "Jurisdiction," with respect to a geographic area, includes astate or country.
(9) "Person" means an individual, corporation, business trust, estate, trust,partnership, limited liability company, association, joint venture, government;governmental subdivision, agency, or instrumentality; public corporation, orany other legal or commercial entity.
(10) "Power of withdrawal" means a presently exercisable general power ofappointment other than a power:
(A) Exercisable by a trustee and limited by an ascertainable standardrelating to an individuals health, education, support or maintenance within themeaning of section 2041(b)(1)(A) or 2514(c)(1) of the Internal Revenue Codeof1986, as in effect on July 1, 2006; or
(B) exercisable by another person only upon consent of the trustee ora person holding an adverse interest.
(11) "Property" means anything that may be the subject of ownership, whetherreal or personal, legal or equitable, or any interest therein.
(12) (A) "Qualified beneficiary" means a beneficiary who,as of the date in question, either is eligible to receive mandatory ordiscretionary distributions oftrust income or principal, or would be so eligible if the trust terminated onthat date.
(B) For the purpose of trustee determining "qualified beneficiaries" of atrust in which a beneficial interest is subject to a power of appointment ofany nature, the trustee may conclusively presume such power of appointment hasnot been exercised unless the trustee has been furnished by the powerholder orthe legalrepresentative of the powerholder or the powerholder's estate with the originalor a copy of an instrument validly exercising such power of appointment, inwhich event the qualified beneficiaries shall be subsequently determined bygiving due consideration to such exercise unless and until the trustee has beengiven notification in a similar manner of an instrument which validly revokesormodifies such exercise.
(13) "Revocable," as applied to a trust, means revocable by the settlorwithout the consent of the trustee or a person holding an adverse interest.
(14) "Settlor" means a person, including a testator, who creates, orcontributes property to, a trust. If more than one person creates orcontributes property to a trust, each person is a settlor of the portion of thetrust property attributable to that person's contribution except to the extentanother person has the power to revoke or withdraw that portion.
(15) "Spendthrift provision" means a term of a trust which restrains eithervoluntary or involuntary transfer of a beneficiary's interest.
(16) "State" means a state of the United States, the District of Columbia,Puerto Rico, the United States Virgin Islands, or any territory or insularpossession subject to the jurisdiction of the United States. The term includesan Indian tribe or band recognized by federal law or formally acknowledged by astate.
(17) "Terms of a trust" means the manifestation of the settlor's intentregarding a trust's provisions as expressed in the trust instrument or as maybe established by other evidence that would be admissible in a judicialproceeding.
(18) "Trust instrument" means an instrument executed by the settlor thatcontains terms of the trust, including any amendments thereto.
(19) "Trustee" includes an original, additional, and successor trustee,and a cotrustee.
History: L. 2002, ch. 133, § 3;L. 2004, ch. 158, § 2;L. 2006, ch. 23, § 1; July 1.
