7 AAC 100.619 - Definitions
In 7 AAC 100.600 - 7 AAC 100.619, unless the context requires otherwise,
(1) "beneficiary" means an individual designated by a trust document to receive the benefits of the trust;
(2) "irrevocable trust" means a trust that, absent a court order, may not be revoked or modified by a grantor, beneficiary, or trustee;
(3) "recognized Medicaid trust" means a qualifying income trust under 7 AAC 100.610, a special needs trust under 7 AAC 100.612, or a pooled trust under 7 AAC 100.614;
(4) "revocable trust" means a trust that may be revoked or modified by the grantor;
(5) "trust" means a valid legal arrangement, manifested by a trust document or agreement, in which a grantor transfers income or resources to a trustee to be held, managed, or administered by a trustee for the benefit of a beneficiary;
(6) "trustee" means an individual or entity that holds, manages, and administers trust property according to the terms of the trust and for the benefit of a beneficiary.
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