{"data":{"id":"us-ky/krs-386b.13-010","jurisdiction":"us-ky","citation":"KRS 386B.13-010","heading":"Definitions for subchapter.","body":"As used in this subchapter:\n(1) \"Appointive property\" means the property or property interest subject to a power of\nappointment;\n(2) \"Ascertainable standard\" means the same as in KRS 386B.1-010;\n(3) \"Authorized fiduciary\" means:\n(a) A trustee or other fiduciary, other than a settlor, tha t has discretion to\ndistribute or direct a trustee to distribute part or all of the principal of the first\ntrust to one (1) or more current beneficiaries;\n(b) A special fiduciary appointed under KRS 386B.13-080; or\n(c) A special needs fiduciary under KRS 386B.13-120;\n(4) \"Beneficiary\" means a person that:\n(a) Has a present or future, vested or contingent, beneficial interest in a trust;\n(b) Holds a power of appointment over trust property; or\n(c) Is an identified charitable organization that will or may receive distributions\nunder the terms of the trust;\n(5) \"Charitable interest\" means an interest in a trust which:\n(a) Is held by an identified charitable organization and makes the organization a\nqualified beneficiary;\n(b) Benefits only charitable organizations and, if the interest were held by an\nidentified charitable organization, would make the organization a qualified\nbeneficiary; or\n(c) Is held solely for charitable purposes and, if the interest  were held by an\nidentified charitable organization, would make the organization a qualified\nbeneficiary;\n(6) \"Charitable organization\" means:\n(a) A person, other than an individual, organized and operated exclusively for\ncharitable purposes; or\n(b) A government or governmental subdivision, agency, or instrumentality, to the\nextent it holds funds exclusively for a charitable purpose;\n(7) \"Charitable purpose\" means the relief of poverty, the advancement of education or\nreligion, the promotion of health, a mu nicipal or other governmental purpose, or\nanother purpose the achievement of which is beneficial to the community;\n(8) \"Court\" means a court in this Commonwealth having jurisdiction in matters relating\nto trusts under Subchapter 2 of this chapter;\n(9) \"Current beneficiary\":\n(a) Means a beneficiary that on the date of the beneficiary's qualification is\ndetermined is a distributee or permissible distributee of trust income or\nprincipal; and\n(b) Includes the holder of a presently exercisable general power of a ppointment\nbut does not include a person that is a beneficiary only because the person\nholds any other power of appointment;\n(10) \"Decanting power\" or \"the decanting power\" means the power of an authorized\nfiduciary under KRS 386B.12 -010 to 386B.12 -170 to distribute property of a first\ntrust to one (1) or more second trusts or to modify the terms of the first trust;\n(11) \"Expanded distributive discretion\" means a discretionary power of distribution that\nis not limited to an ascertainable standard or a reasonably definite standard;\n(12) \"First trust\" means a trust over which an authorized fiduciary may exercise the\ndecanting power;\n(13) \"First-trust instrument\" means the trust instrument for a first trust;\n(14) \"General power of appointment\" means a power of appointment exercisable in\nfavor of a powerholder, the powerholder's estate, a creditor of the powerholder, or a\ncreditor of the powerholder's estate;\n(15) \"Jurisdiction\" has the same meaning as in KRS 386B.1-010;\n(16) \"Person\" has the same meaning as in KRS 386B.1-010;\n(17) \"Power of appointment\":\n(a) Means a power that enables a powerholder acting in a nonfiduciary capacity\nto designate a recipient of an ownership interest in or another power of\nappointment over the appointive property; and\n(b) Does not include a power of attorney;\n(18) \"Powerholder\" means a person in which a donor creates a power of appointment;\n(19) \"Presently exercisable power of appointment\" means a power of appointment\nexercisable by the powerholder at the relevant time and:\n(a) Includes a power of appointment exercisable only after the occurrence of a\nspecified event, the satisfaction of an ascertainable standard, or the passage of\na specified time only after:\n1. The occurrence of the specified event;\n2. The satisfaction of the ascertainable standard; or\n3. The passage of the specified time; and\n(b) Does not include a power exercisable only at the powerholder's death;\n(20) \"Qualified beneficiary\" has the same meaning as in KRS 386B.1-010;\n(21) \"Reasonably definite standard\" means a clearly measurable standard under which a\nholder of a power of distribution is legally accountable within the meaning of 26\nU.S.C. sec. 674(b)(5)(A), as amended, and any applicable regulations;\n(22) \"Record\" has the same meaning as in KRS 394.700;\n(23) \"Second-trust instrument\" means the trust instrument for a second trust;\n(24) \"Settlor,\" except as otherwise provided in KRS 386B.13-240, has the same meaning\nas in KRS 386B.1-010;\n(25) \"Sign\" has the same meaning as in KRS 394.700;\n(26) \"State\" has the same meaning as in KRS 386B.1-010;\n(27) \"Terms of the trust\" has the same meaning as in KRS 386B.1-010; and\n(28) \"Trust instrument\" has the same meaning as in KRS 386B.1-010.","path":[],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=57750","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:59:20Z","sha256":"b8a1f55e1493a17502715d5b21434f07ffe57e3879b495cffcd155f0ae1b6c34","source_id":"us-ky","stale":false,"prev":"us-ky/krs-386b.12-170","next":"us-ky/krs-386b.13-020"},"notice":"GroundRules: Original legal text. Not legal advice."}