An identifiable individual beneficiary of a trust for whom an estate or interest in residential property is held on trust, is an individual —
(a) who is identified in the declaration of trust as a beneficiary of the property whether solely or together with another; and
(b) who, because of the trust, has beneficial ownership of the property (whether solely or together with another) that is not, under the terms of the trust, revocable, variable, or subject to any condition subsequent,
but excludes an individual who is entitled to any estate or interest in property in remainder or reversion.
The following are not considered to be an identifiable individual beneficiary:
(a) an individual who has not been born on the date of declaration of the trust;
(b) an individual who is entitled only to the income of the property under the trust;
(c) an individual whose estate or interest in the property under the trust is a contingent or discretionary interest, or who becomes entitled to an estate or interest in the property only upon revocation of the trust.