Authorized trustee means a person, other than the settlor, who has authority under the terms of a first trust to distribute the principal of the trust to or for the benefit of one or more current beneficiaries.

Authorized trustee means, as to an invaded trust, any trustee or trustees with authority to pay trust principal to or for one or more current beneficiaries other than a trustee who is the settlor, or a beneficiary to whom income or principal must be paid currently or in the future, or who is or will become eligible to receive a distribution of income or principal in the discretion of the trustee, other than by the exercise of a power of appointment held in a nonfiduciary capacity.

Authorized trustee means, as to an invaded trust, a trustee with authority to pay trust

Examples of Authorized trustee in a sentence

Authorized trustee with unlimited discretion.1. An authorized trustee with unlimited discretion to invade trust principal may appoint part or all of the principal to a trustee of an appointed trust for, and only for the benefit of, one, more than one, or all of the current beneficiaries of the invaded trust, to the exclusion of any one or more of the current beneficiaries.
In this subchapter: 11 (1) "Authorized trustee" means a person, other than 12 the settlor, who has authority under the terms of a first trust to 13 distribute the principal of the trust to or for the benefit of one 14 or more current beneficiaries.
Authorized trustee without unlimited discretion.1. An authorized trustee with the power to invade trust principal but without unlimited discretion may appoint part or all of the principal of the trust to a trustee of an appointed trust, provided that the current beneficiaries of the appointed trust must be the same as the current beneficiaries of the invaded trust and the successor and remainder beneficiaries must be the same as the successor and remainder beneficiaries of the invaded trust.

More Definitions of Authorized trustee

Authorized trustee means a person, other than

Authorized trustee means an entity or individual, other

Authorized trustee means a trustee, other than the settlor or a beneficiary, who has the power to invade the principal of a trust.

Authorized trustee means, with regard to an invaded trust, a

Authorized trustee means a trustee, other than the settlor or a beneficiary, who has the power to invade

Authorized trustee means, with regard to an invaded trust, a trustee with the authority to pay trust principal to or for a current beneficiary; in this paragraph, “trustee” does not include a settlor or a beneficiary to whom income or principal must be paid, currently or in the future, or who is or will become eligible to

Authorized trustee means an entity or individ- ual, other than the settlor, who has authority under the terms of the first trust to distribute the prin- cipal of the trust for the benefit of one or more current beneficiaries.