009.08(A)(v)(1) DEFINITIONS.

For the purposes of these regulations, the following definitions apply. (a) ANNUITY. A right to receive periodic payments, either for life or a term of years. (b) BENEFICIARY. Any individual, or individuals, designated in the trust to receive any disbursal from the corpus of the trust, or from income generated by the trust, which benefits the party receiving it. A payment from a trust may include actual cash, as well as non-cash or property disbursements, such as the right to use and occupy real property. (c) GRANTOR. Any individual who creates a trust. It includes the following: (i) The recipient; (ii) The recipient’s spouse; (iii) A person, including a court or administrative body, with legal authority to act in place of, or on behalf of, the individual or the individual’s spouse or guardian or conservator; or (iv) A person, including a court or administrative body, acting at the direction or upon the request of the recipient or the recipient’s spouse. (d) IRREVOCABLE TRUST. A trust which cannot, in any way, be revoked by the grantor. (e) POOLED TRUST. A trust containing the assets of a disabled individual that is established and managed by a nonprofit association in a separate account solely for the benefit of a disabled individual. (f) REVOCABLE TRUST. A trust which can be revoked by the grantor. A trust which provides that the trust can only be modified or terminated by a court is considered to be a revocable trust, since the grantor, or representative can petition the court to terminate the trust. A trust called irrevocable, but which will terminate if some action is taken by the grantor, is a revocable trust for purposes of these regulations. (g) SPECIAL NEEDS TRUST. A trust containing the assets of an individual age 64, or younger, who is disabled and that is established for the sole benefit of that individual by a parent, grandparent, legal guardian, or a court. (h) TESTAMENTARY TRUST. A trust established through a will. (i) TRUST. For purposes of these regulations, a trust is any arrangement in which an individual, known as the grantor, transfers property to another person, known as the trustee, with the intention that it be held, managed, or administered by the trustee for the benefit of the grantor or certain designated beneficiaries. The trust must be valid under state law and manifested by a valid trust instrument of agreement. A trustee holds a fiduciary responsibility to manage the trust’s corpus and income for the benefit of the beneficiaries.