Section 286.3-218 - Definitions for KRS 286.3-219 and 286.3-220As 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.Amended by 2014 Ky. Acts ch. 25,§ 98, eff. 7/15/2014.