Ohio Code 2105.31 – Uniform simultaneous death act definitions
As used in sections 2105.31 to 2105.40 of the Revised Code:
Terms Used In Ohio Code 2105.31
- Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
- 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.
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Person: includes an individual, corporation, business trust, estate, trust, partnership, and association. See Ohio Code 1.59
- Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. Source: OCC
- Property: means real and personal property. See Ohio Code 1.59
- Trustee: A person or institution holding and administering property in trust.
(A) “Co-owners with right of survivorship” includes joint tenants, tenants by the entireties, and other co-owners of property or accounts held under circumstances that entitle one or more individuals to the whole of the property or account on the death of the other individual or individuals.
(B) “Governing instrument” means a deed, will, trust, insurance or annuity policy, account with a transfer-on-death designation or the abbreviation TOD, account with a payable-on-death designation or the abbreviation POD, transfer-on-death designation affidavit, pension, profit-sharing, retirement, or similar benefit plan, instrument creating or exercising a power of appointment or a power of attorney, or a dispositive, appointive, or nominative instrument of any similar type.
(C) “Payor” means a trustee, insurer, business entity, employer, government, governmental agency, political subdivision or instrumentality, or any other person authorized or obligated by law or a governing instrument to make payments or transfers.