Definitions for subchapter

As used in this subchapter: (1) "Appointive property" means the property or property interest subject to a power of appointment; (2) "Ascertainable standard" means the same as in KRS 386B.1-010; (3) "Authorized fiduciary" means: (a) A trustee or other fiduciary, other than a settlor, that has discretion to distribute or direct a trustee to distribute part or all of the principal of the first trust to one (1) or more current beneficiaries; (b) A special fiduciary appointed under KRS 386B.13-080; or (c) A special needs fiduciary under KRS 386B.13-120; (4) "Beneficiary" means a person that: (a) Has a present or future, vested or contingent, beneficial interest in a trust; (b) Holds a power of appointment over trust property; or (c) Is an identified charitable organization that will or may receive distributions under the terms of the trust; (5) "Charitable interest" means an interest in a trust which: (a) Is held by an identified charitable organization and makes the organization a qualified beneficiary; (b) Benefits only charitable organizations and, if the interest were held by an identified charitable organization, would make the organization a qualified beneficiary; or (c) Is held solely for charitable purposes and, if the interest were held by an identified charitable organization, would make the organization a qualified beneficiary; (6) "Charitable organization" means: (a) A person, other than an individual, organized and operated exclusively for charitable purposes; or (b) A government or governmental subdivision, agency, or instrumentality, to the extent it holds funds exclusively for a charitable purpose; (7) "Charitable purpose" means the relief of poverty, the advancement of education or religion, the promotion of health, a municipal or other governmental purpose, or another purpose the achievement of which is beneficial to the community; (8) "Court" means a court in this Commonwealth having jurisdiction in matters relating to trusts under Subchapter 2 of this chapter; (9) "Current beneficiary": (a) Means a beneficiary that on the date of the beneficiary's qualification is determined is a distributee or permissible distributee of trust income or principal; and (b) Includes the holder of a presently exercisable general power of appointment but does not include a person that is a beneficiary only because the person  holds any other power of appointment; (10) "Decanting power" or "the decanting power" means the power of an authorized fiduciary under KRS 386B.12-010 to 386B.12-170 to distribute property of a first trust to one (1) or more second trusts or to modify the terms of the first trust; (11) "Expanded distributive discretion" means a discretionary power of distribution that is not limited to an ascertainable standard or a reasonably definite standard; (12) "First trust" means a trust over which an authorized fiduciary may exercise the decanting power; (13) "First-trust instrument" means the trust instrument for a first trust; (14) "General power of appointment" means a power of appointment exercisable in favor of a powerholder, the powerholder's estate, a creditor of the powerholder, or a creditor of the powerholder's estate; (15) "Jurisdiction" has the same meaning as in KRS 386B.1-010; (16) "Person" has the same meaning as in KRS 386B.1-010; (17) "Power of appointment": (a) Means a power that enables a powerholder acting in a nonfiduciary capacity to designate a recipient of an ownership interest in or another power of appointment over the appointive property; and (b) Does not include a power of attorney; (18) "Powerholder" means a person in which a donor creates a power of appointment; (19) "Presently exercisable power of appointment" means a power of appointment exercisable by the powerholder at the relevant time and: (a) Includes a power of appointment exercisable only after the occurrence of a specified event, the satisfaction of an ascertainable standard, or the passage of a specified time only after: 1. The occurrence of the specified event; 2. The satisfaction of the ascertainable standard; or 3. The passage of the specified time; and (b) Does not include a power exercisable only at the powerholder's death; (20) "Qualified beneficiary" has the same meaning as in KRS 386B.1-010; (21) "Reasonably definite standard" means a clearly measurable standard under which a holder of a power of distribution is legally accountable within the meaning of 26 U.S.C. sec. 674(b)(5)(A), as amended, and any applicable regulations; (22) "Record" has the same meaning as in KRS 394.700; (23) "Second-trust instrument" means the trust instrument for a second trust; (24) "Settlor," except as otherwise provided in KRS 386B.13-240, has the same meaning as in KRS 386B.1-010; (25) "Sign" has the same meaning as in KRS 394.700; (26) "State" has the same meaning as in KRS 386B.1-010; (27) "Terms of the trust" has the same meaning as in KRS 386B.1-010; and (28) "Trust instrument" has the same meaning as in KRS 386B.1-010.