Mississippi Code
Article 1 - General Provisions and Definitions
§ 91-8-103. Definitions

[Effective from and after January 1, 2020, this section will read as follows:]
In this chapter:
a. All income shall be distributed to a named beneficiary; or
b. One Hundred Thousand Dollars ($100,000.00) a year shall be distributed to a named beneficiary;
a. The trustee shall make distributions for health, education, maintenance, and support;
b. Notwithstanding the distribution language used, if a trust instrument containing such distribution language specifically provides that the trustee exercise discretion in a reasonable manner with regard to a discretionary interest, then notwithstanding any other provision of this subparagraph defining distribution interests, the distribution interest shall be classified as a support interest;
a. The trustee may, in the trustee's sole and absolute discretion, make distributions for health, education, maintenance, and support;
b. The trustee, in the trustee's sole and absolute discretion, shall make distributions for health, education, maintenance, and support;
c. The trustee may make distributions for health, education, maintenance, and support;
d. The trustee shall make distributions for health, education, maintenance, and support; however, the trustee may exclude any of the beneficiaries or may make unequal distributions among them; or
e. The trustee may make distributions for health, education, maintenance, support, comfort, and general welfare;
f. A discretionary interest may also be evidenced by:
1. Permissive distribution language such as "may make distributions";
2. Mandatory distribution language that is negated by the discretionary distribution language contained in the trust such as "the trustee shall make distributions in the trustee's sole and absolute discretion";
g. An interest that includes mandatory distribution language such as "shall" but is subsequently qualified by discretionary distribution language shall be classified as a discretionary interest and not as a support or a mandatory interest;
a. The trust shall be a mandatory interest only to the extent of the mandatory distribution language;
b. The trust shall be a support interest only to the extent of such support distribution language; and
c. The remaining trust property shall be held as a discretionary interest;
Has a present or future beneficial interest in a trust, vested or contingent; or
In a capacity other than that of trustee, holds a power of appointment over trust property.
An interest, other than a remainder interest, held by an eligible distributee or permissible distributee under a trust and may be a current distribution interest or a future distribution interest;
A distribution interest is classified as either a mandatory interest, a support interest or a discretionary interest; and although not the exclusive means to create each such respective distribution interest, absent clear and convincing evidence to the contrary, use of the example language accompanying the following definitions of each such respective distribution interest results in the indicated classification of distribution interest:
A mandatory interest means a distribution interest in which the timing of any distribution must occur within one (1) year from the date the right to the distribution arises and the trustee has no discretion in determining whether a distribution shall be made or the amount of such distribution; example distribution language indicating a mandatory interest includes, but is not limited to:
A support interest means a distribution interest that is not a mandatory interest but still contains mandatory language such as "shall make distributions" and is coupled with a standard capable of judicial interpretation; example distribution language indicating a support interest includes, but is not limited to:
A discretionary interest means any interest that is not a mandatory or a support interest and is any distribution interest where a trustee has any discretion to make or withhold a distribution; example distribution language indicating a discretionary interest includes, but is not limited to:
(i) To the extent a trust contains distribution language indicating the existence of any combination of a mandatory, support and discretionary interest, that combined interest of the trust shall be divided and treated separately as follows:
For purposes of this subparagraph (C), a support interest that includes mandatory distribution language such as "shall" but is subsequently qualified by discretionary distribution language, shall be classified as a discretionary interest and not as a support interest.
The trustee, trust advisor, or trust protector is excluded from exercising a power, or is relieved of a duty; and
The power or duty is granted or reserved to another person.
A trustee, conservator, guardian, agent under any agency agreement or other instrument, an executor, personal representative or administrator of a decedent's estate, or any other party, including a trust advisor or a trust protector, who is acting in a fiduciary capacity for any person, trust, or estate;
For purposes of subparagraph (A), an agency agreement includes, but is not limited to, any agreement under which any delegation is made, either pursuant to Section 91-8-807 or by anyone holding a power or duty pursuant to Article 12;
For purposes of the definition of fiduciary in Section 91-8-103, fiduciary does not mean any person who is an excluded fiduciary as such is defined in Section 91-8-103.
An inter vivos or testamentary power to direct the disposition of trust property, other than a distribution decision made by a trustee or other fiduciary to a beneficiary;
Powers of appointment are held by the person to whom such power has been given, and not by a settlor in that person's capacity as settlor.
Is a distributee or permissible distributee of trust income or principal;
Would be a distributee or permissible distributee of trust income or principal if the interests of the distributees described in subparagraph (A) terminated on that date without causing the trust to terminate; or
Would be a distributee or permissible distributee of trust income or principal if the trust terminated on that date.