15 Guam Code Ann. § 747
Terms Used In 15 Guam Code Ann. § 747
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- 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
- Bequest: Property gifted by will.
- Devise: To gift property by will.
- Donee: The recipient of a gift.
- Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- Inter vivos: Transfer of property from one living person to another living person.
- Intestate: Dying without leaving a will.
- Legacy: A gift of property made by will.
- Probate: Proving a will
(a) Beneficiary means and includes any person entitled, but for his disclaimer, to take an interest
(1) by intestate succession, (2) by devise,
(3) by legacy or bequest,
(4) by succession to a disclaimed interest,
(5) by virtue of an election to take against a will, (6) as beneficiary of a testamentary trust,
(7) pursuant to the exercise or nonexercise of a power of appointment,
(8) as donee of any power of appointment, or
(9) as beneficiary of an inter vivos gift, whether outright or in trust;
(b) Interest means and includes the whole of any property, real or personal, legal or equitable, or any fractional part, share or particular portion or specific assets thereof, or any estate in any such property, or power to appoint, consume, apply or expend property, or any other right, power, privilege or immunity relating thereto;
(c) Disclaimer means a written instrument which declines, refuses, renounces or disclaims any interest which would otherwise be succeeded to by a beneficiary;
(d) Disclaimant means a person who executes a disclaimer on his own behalf or on behalf of another.
SOURCE: California Probate Code, § 190.