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19-3B-110
Section 19-3B-110 Others treated as qualified beneficiaries. (a) Whenever notice to qualified
beneficiaries of a trust is required under this chapter, the trustee must also give notice
to any other beneficiary who has sent the trustee a request for notice. (b) A charitable organization
expressly designated to receive distributions under the terms of a charitable trust has the
rights of a qualified beneficiary under this chapter if the charitable organization, on the
date of the charitable organization's qualification is being determined: (1) is a distributee
or a permissible distributee of trust income or principal; (2) would be a distributee or permissible
distributee of trust income or principal upon the termination of the interests of other distributees
or permissible distributees then receiving or eligible to receive distributions; or (3) would
be a distributee or permissible distributee of trust income or principal if the trust terminated
on that date. (c) A person appointed to...
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19-3D-2
Section 19-3D-2 THIS SECTION WAS ASSIGNED BY THE CODE COMMISSIONER IN THE 2018 REGULAR SESSION,
EFFECTIVE JANUARY 1, 2019. THIS IS NOT IN THE CURRENT CODE SUPPLEMENT. DEFINITIONS. In this
chapter the following terms have the following meanings: (1) APPOINTIVE PROPERTY. The property
or property interest subject to a power of appointment. (2) ASCERTAINABLE STANDARD. A standard
relating to an individual's health, education, support, or maintenance within the meaning
of 26 U.S.C. Section 2041(b)(1)(A), as amended, or 26 U.S.C. Section 2514(c)(1), as amended,
and any applicable regulations. (3) AUTHORIZED FIDUCIARY. (A) A trustee or other fiduciary,
other than a settlor, that has the discretion to distribute or direct a trustee to distribute
part or all of the principal of the first trust to one or more current beneficiaries; (B)
a special fiduciary appointed under Section 19-3D-9; or (C) a special-needs fiduciary under
Section 19-3D-13. (4) BENEFICIARY. A person that: (A) has a present or...
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43-8-1
the parent whose relationship is involved and excludes any person who is only a stepchild,
a foster child, a grandchild or any more remote descendant. (3) COURT. The court having jurisdiction
in matters relating to the affairs of decedents. This court in Alabama is known as the probate
court. (4) DAYS. That period of time as computed in accordance with section 1-1-4 and Rule
6(a), Alabama Rules of Civil Procedure. (5) DEVISE. When used as a noun, means a testamentary
disposition of real or personal property and when used as a verb, means to dispose
of real or personal property by will. (6) DEVISEE. Any person designated in a will
to receive a devise. In the case of a devise to an existing trust or trustee, or to a trustee
or trust described by will, the trust or trustee is the devisee and the beneficiaries are
not devisees. (7) DISTRIBUTEE. Any person who has received property of a decedent from his
personal representative other than as creditor or purchaser. A testamentary trustee
is...
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19-3B-813
liabilities, receipts, and disbursements, including the source and amount of the trustee's
compensation, a listing of the trust assets and, if feasible, their respective market values,
and, upon termination of the trust, a final report commencing with the date of the most recent
annual report through the last transaction of the trust. Upon a vacancy in a trusteeship,
unless a co-trustee remains in office, a report must be sent to the qualified beneficiaries
by the former trustee. A personal representative, conservator, or guardian may send
the qualified beneficiaries a report on behalf of a deceased or incapacitated trustee. (d)
A beneficiary may waive the right to a trustee's report or other information otherwise required
to be furnished under this section. A beneficiary, with respect to future reports and other
information, may withdraw a waiver previously given. (e) Subsection (b)(2) and subsection
(b)(3) shall apply only to trustees who accept a trusteeship on or after...
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19-3B-103
which is exercisable by another person only upon consent of the trustee or a person holding
an adverse interest. (12) PRESUMPTIVE REMAINDER BENEFICIARY means a person who would be entitled
to the principal of a trust if the income interest were immediately terminated, and if a trust
contains a power of appointment, then the holder of such power of appointment shall also be
a presumptive remainder beneficiary. (13) PROPERTY means anything that may be the subject
of ownership, whether real or personal, legal or equitable, or any interest therein.
Property includes choses in action, claims, and interests created by beneficiary designation
under policies of insurance, financial instruments and deferred compensation and other retirement
arrangements, whether revocable or irrevocable. (14) QUALIFIED BENEFICIARY means a living
beneficiary who, on the date the beneficiary's qualification is determined: (A) is a distributee
or permissible distributee of trust income or principal; (B) would be a...
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38-9B-5
Section 38-9B-5 AFT Corporation, Trust, and Charitable Trust. THIS SECTION WAS AMENDED BY ACT
2018-36 IN THE 2018 REGULAR SESSION, EFFECTIVE JANUARY 31, 2018. THIS IS NOT IN THE CURRENT
CODE SUPPLEMENT. (a) The board of trustees shall establish and administer the AFT Corporation.
The board of trustees shall execute all documents necessary to establish and administer the
AFT Corporation including, but not limited to, documents to form a not-for-profit corporation
and to qualify as an organization pursuant to Section 501(c)(3) of the United States Internal
Revenue Code. (b) The AFT Corporation shall establish the AFT Trust and the AFT Charitable
Trust, and the board of trustees shall administer the AFT Trust and the AFT Charitable Trust
through the AFT Corporation. The board of trustees and the AFT Corporation shall take all
steps necessary to satisfy all federal and state laws, and all regulations, rules, and policies
established by the federal Social Security Administration to ensure...
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19-3D-14
Section 19-3D-14 THIS SECTION WAS ASSIGNED BY THE CODE COMMISSIONER IN THE 2018 REGULAR SESSION,
EFFECTIVE JANUARY 1, 2019. THIS IS NOT IN THE CURRENT CODE SUPPLEMENT. PROTECTION OF CHARITABLE
INTEREST. (a) In this section the following terms have the following meanings: (1) DETERMINABLE
CHARITABLE INTEREST. A charitable interest that is a right to a mandatory distribution currently,
periodically, on the occurrence of a specified event, or after the passage of a specified
time, and which is unconditional or will be held solely for charitable purposes. (2) UNCONDITIONAL.
Not subject to the occurrence of a specified event that is not certain to occur, other than
a requirement in a trust instrument that a charitable organization be in existence or qualify
under a particular provision of the United States Internal Revenue Code of 1986, as amended,
on the date of the distribution, if the charitable organization meets the requirement on the
date of determination. (b) If a first trust...
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13A-9-71
Section 13A-9-71 Registration of charitable organizations, professional fund raisers, and commercial
co-venturers, and professional solicitors; notification of changes; exempt persons; annual
report; prohibition against fund raising by unregistered person; contracts between professional
fund raisers and commercial co-venturers; appointment of Secretary of State as agent for service
of process; use of name of charitable organization without consent; disclosure by solicitors;
violations and penalties; injunctive relief. (a) Every charitable organization, except those
granted an exemption in subsection (f), which is physically located in this state, intends
to solicit contributions in or from this state, or to have contributions solicited in this
state, on its behalf, by other charitable organizations, paid solicitors, or commercial co-venturers
in or from this state shall, prior to any solicitation, file a registration statement with
the Attorney General upon a form prescribed by the...
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19-3A-106
Section 19-3A-106 Conversion to unitrust. (a) Unless expressly prohibited by the governing
instrument, a trustee may convert a trust into a unitrust as described in this section if
all of the following apply: (1) The trustee has concluded that the conversion will enable
the trustee to better carry out the intent of the settlor or testator and the purposes of
the trust. (2) The trustee gives written notice of the trustee's intention to convert the
trust into a unitrust, including the trustee's initial decisions as set forth below, to all
the qualified beneficiaries. The written notice shall include the following: a. An explanation
of how the unitrust will operate; b. The effective date of the conversion to a unitrust; c.
The unitrust percentage to be used; d. The provisions for prorating a unitrust distribution
for a short year in which a beneficiary's right to payments commences or ceases; e. Whether
the net fair market value of the trust assets will be determined annually or averaged...
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5-24-1
depositor and a financial institution, and includes a checking account, savings account, time
deposit, certificate of deposit, and share account. (2) AGENT means a person authorized to
make account transactions for a party. (3) BENEFICIARY means a person named as one to whom
sums on deposit in an account are payable on request after death of all parties or for whom
a party is named as trustee. (4) DEVISEE means any person designated in a will to receive
a testamentary disposition of real or personal property. (5) FINANCIAL INSTITUTION
means an organization authorized to do business under state or federal laws relating to financial
institutions, and includes a bank, trust company, savings bank, building and loan association,
savings and loan company or association, and credit union. (6) HEIRS means those persons,
including surviving spouse, who are entitled under the statutes of intestate succession to
the property of a decedent. (7) INCLUDES or INCLUDING means includes, but not limited...
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