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Terms Used In 15 Guam Code Ann. § 709

  • Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
  • Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
  • Contingent beneficiary: Receiver of property or benefits if the first named beneficiary fails to receive any or all of the property or benefits in question before his (her) death.
  • Contract: A legal written agreement that becomes binding when signed.
  • Probate: Proving a will
  • Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
  • Trustee: A person or institution holding and administering property in trust.
An insurance, annuity, or endowment contract (including any agreement issued or entered into by the insurer in connection therewith, supplemental thereto or in settlement thereof), a pension, retirement benefit, death benefit, stock bonus, profit-sharing or employees’ saving plan, or contract created or entered into by an employer for the benefit of some or all of his employees, and a trust, security or account established

COL10312014
15 Guam Code Ann. ESTATES AND PROBATE
CH. 7 TESTAMENTARY ADDITIONS

or held pursuant to the Self Employed Individuals’ Tax Retirement Act of
1962 (Pub. L. 87-792)1 may designate as a primary or contingent beneficiary, payee or owner a trustee named or to be named in the will of
the person entitled to designate such beneficiary, payee, or owner. The
designation shall be made in accordance with the provisions of the contract or plan or in the absence of such provisions, in a manner approved by the insurer if an insurance, annuity, or endowment contract is involved, and by the trustee, custodian, or person or entity administering the contract or plan, if any. The designation may be made before or after the execution of the designator’s will and shall not be required to comply with the formalities for execution of a will.
1 26 U.S.C. § 401 note.

SOURCE: California Probate Code, § 175.

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