554B-1 Definitions. As used in this chapter:

"Adult" means an individual who has attained the age of eighteen years.

"Beneficiary" means an individual for whom property has been delivered to a custodial trustee for the individual's use and benefit under this chapter.

"Conservator" means a person appointed or qualified by a court to manage the estate of an individual or a person legally authorized to perform substantially the same functions.

"Court" means the circuit court of the State.

"Custodial trustee" means a person designated as trustee of a custodial trust under this chapter and includes a substitute or successor custodial trustee.

"Custodial trust property" means an interest in property transferred to a custodial trustee under this chapter and the income from and proceeds of that interest.

"Guardian" means a person appointed or qualified by a court as a guardian of an individual and includes a limited guardian, but excludes a person who is merely a guardian ad litem.

"Incapacitated" means that an individual lacks the ability to manage property and business affairs effectively by reason of mental illness, mental deficiency, physical illness or disability, chronic use of drugs, chronic intoxication, confinement, detention by a foreign power, disappearance, minority, or other cause. A beneficiary shall be treated as incapacitated for the purpose of this chapter if the transferor so directs in the instrument creating the custodial trust.

"Legal representative" means a personal representative or conservator.

"Member of the beneficiary's family" includes a beneficiary's spouse, descendant, stepchild, parent, stepparent, grandparent, brother, sister, uncle, or aunt, whether of the whole or half blood or by adoption.

"Person" means an individual, corporation, organization, or other legal entity.

"Personal representative" includes an executor, administrator, or special administrator of a decedent's estate or a person legally authorized to perform substantially the same functions and includes a successor personal representative.

"State" means a state, commonwealth, territory, or possession of the United States, or the District of Columbia.

"Transferor" means a person who creates a custodial trust by transfer or declaration.

"Trust company" means a financial institution, corporation, or other legal entity, authorized to exercise general trust powers. [L 1989, c 76, pt of 1; am L 2004, c 161, 22]

 

 

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