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MEDICAL MEDICAL MEDICAL MEDICAL MEDICAL MEDICAL MEDICAL TREATMENT OF TRUSTS F-500 DEFINITIONS Trust - Any arrangement in which a grantor transfers assets to a trustee(s) with the intention it be held, managed, or administered by the trustee(s) for the benefit of the grantor or certain designated individuals (beneficiaries). Legal Instrument or Device Similar to a Trust - Any legal instrument, device or arrangement which is similar to a trust. That is, it involves a grantor who transfers assets to an individual or entity with fiduciary obligations (trustee) with the intention that it be held, managed, or administered by the trustee(s) for the benefit of the grantor or others. This can include but is not limited to, escrow accounts, investment accounts, pension funds, and other similar devices managed by an individual or entity with fiduciary obligations. Trustee - Any individual(s) or entity (such as an insurance company or bank) that manages a trust or similar device and has fiduciary responsibilities (held or found in trust or confidence). Grantor - Any individual who creates a trust. This includes: a. The individual; b. The individual's spouse; c. 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; d. A person, including a court or administrative body, acting at the direction or upon the request of the individual or the individual's spouse. Revocable Trust - A trust which can be revoked (recalled) by the grantor. This includes trusts which can only be modified or terminated by a court, and irrevocable trusts that will terminate if some action is taken by the grantor. Irrevocable Trust - A trust which cannot, in any way, be revoked by the grantor. Beneficiary - Any individual(s) listed in the trust benefiting in some way from the trust. The beneficiary can be the grantor, another individual(s), or a combination of any of these parties, excluding the trustee or any other individual whose benefit consists only of reasonable fees or payments for managing or administering the trust. Payment - A payment from a trust is any disbursement from the corpus (principal) of the trust or from income generated by the trust. A payment may include actual cash, as well as non-cash or property disbursements, such as the right to use and occupy real property. Annuity - This is a right to receive fixed, periodic payments, either for the life of the annuitant or for a term of years. F-500 TREATMENT OF TRUSTS Division of Welfare and Supportive Services Medical Assistance Manual 25 Mar MTL 03/25 DEFINITIONS