KRS § 386.620 Definitions for KRS 386.620 to 386.624.

386.620 Definitions for KRS 386.620 to 386.624. As used in KRS 386.620 to 386.624: (1) "Community property" means property owned by a community property trust during the marriage of the settlor spouses; (2) "Community property trust" means an express trust that complies with the requirements of KRS 386.622; (3) "Decree" means a judgment or other order of a court; (4) "Dissolution" means either: (a) Termination of a marriage by a decree of dissolution, divorce, annulment, or declaration of invalidity; or (b) Entry of a decree of legal separation; (5) "During marriage" means a period that begins at marriage and ends at dissolution or the death of a spouse; (6) "Qualified trustee" means either: (a) A natural person who is a resident of this state; or (b) A bank or trust company authorized to act as a trustee within the state; and (7) "Settlor spouses" means a married couple that establishes a community property trust. Effective: July 15, 2020 History: Created 2020 Ky. Acts ch. 25, sec. 1, effective July 15, 2020.