PROBATE COURTS AND DECEDENTS' ESTATES
CERTAIN PROVISIONS REGARDING TRUSTS
As used in this chapter:
I. "Trust" means an express trust created by: a judgment or decree of the probate court, including a special needs trust authorized by 42 U.S.C. 1396p(d)(4)(A) and (C); and a trust instrument, including a will, whereby a trustee has the duty to administer a trust asset for the benefit of a named or otherwise described income or principal beneficiary, or both. "Trust" does not include a resulting or constructive trust, a business trust which provides for certificates to be issued to the beneficiary, an investment trust, a voting trust, a security instrument, a trust created by the judgment or decree by any other court, a liquidation trust, or a trust for the primary purpose of paying dividends, interest, interest coupons, salaries, wages, pensions or profits, or employee benefits of any kind, an instrument wherein a person is nominee or escrowee for another, a trust created in deposits in any financial institution, or other trust the nature of which does not admit of general trust administration;
II. "Trustee" means an original, added, or successor trustee;
Source. 1969, 312:1. 2004, 130:9, IV, eff. Oct. 1, 2004. 2008, 97:2, eff. May 21, 2008.