Terms Used In Utah Code > Title 59 > Chapter 10 > Part 2 - Trusts and Estates

• 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}
• Distributable net income: means the same as that term is defined in Section 643, Internal Revenue Code. See Utah Code 59-10-103
• Equal: means , with respect to biological sex, of the same value. See Utah Code 68-3-12.5
• Fiduciary: A trustee, executor, or administrator.
• Fiduciary: means :
            (1)(h)(i) a guardian;
            (1)(h)(ii) a trustee;
            (1)(h)(iii) an executor;
            (1)(h)(iv) an administrator;
            (1)(h)(v) a receiver;
            (1)(h)(vi) a conservator; or
            (1)(h)(vii) any person acting in any fiduciary capacity for any individual. See Utah Code 59-10-103
• Individual: means a natural person and includes aliens and minors. See Utah Code 59-10-103
• Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
• Land: includes :
       (18)(a) land;
       (18)(b) a tenement;
       (18)(c) a hereditament;
       (18)(d) a water right;
       (18)(e) a possessory right; and
       (18)(f) a claim. See Utah Code 68-3-12.5
• nonresident estate: means a trust or estate which is not a resident estate or trust. See Utah Code 59-10-103
• Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
• Person: means :
       (24)(a) an individual;
       (24)(b) an association;
       (24)(c) an institution;
       (24)(d) a corporation;
       (24)(e) a company;
       (24)(f) a trust;
       (24)(g) a limited liability company;
       (24)(h) a partnership;
       (24)(i) a political subdivision;
       (24)(j) a government office, department, division, bureau, or other body of government; and
       (24)(k) any other organization or entity. See Utah Code 68-3-12.5
• Property: includes both real and personal property. See Utah Code 68-3-12.5
• Qualified nongrantor charitable lead trust: means a trust:
            (1)(s)(i) that is irrevocable;
            (1)(s)(ii) that has a trust term measured by:

                 (1)(s)(ii)(A) a fixed term of years; or

                 (1)(s)(ii)(B) the life of a person living on the day on which the trust is created;
            (1)(s)(iii) under which:

                 (1)(s)(iii)(A) a portion of the value of the trust assets is distributed during the trust term:

                      (1)(s)(iii)(A)(I) to an organization described in Section 170(c), Internal Revenue Code; and

                      (1)(s)(iii)(A)(II) as a guaranteed annuity interest or a unitrust interest; and

                 (1)(s)(iii)(B) assets remaining in the trust at the termination of the trust term are distributed to a beneficiary:

                      (1)(s)(iii)(B)(I) designated in the trust; and

                      (1)(s)(iii)(B)(II) that is not an organization described in Section 170(c), Internal Revenue Code;
            (1)(s)(iv) for which the trust is allowed a deduction under Section 642(c), Internal Revenue Code; and
            (1)(s)(v) under which the grantor of the trust is not treated as the owner of any portion of the trust for federal income tax purposes. See Utah Code 59-10-103
• resident trust: means the same as that term is defined in Section 75-7-103. See Utah Code 59-10-103
• State: when applied to the different parts of the United States, includes a state, district, or territory of the United States. See Utah Code 68-3-12.5
• Statute: A law passed by a legislature.
• Taxpayer: means any of the following that has income subject in whole or part to the tax imposed by this chapter:
            (1)(aa)(i) an individual;
            (1)(aa)(ii) an estate, a trust, or a beneficiary of an estate or a trust that is not a pass-through entity or a pass-through entity taxpayer;
            (1)(aa)(iii) a pass-through entity; or
            (1)(aa)(iv) a pass-through entity taxpayer. See Utah Code 59-10-103
• Trustee: A person or institution holding and administering property in trust.
• Uintah and Ouray Reservation: means the lands recognized as being included within the Uintah and Ouray Reservation in:
            (1)(cc)(i) Hagen v. See Utah Code 59-10-103
• Unadjusted income: means an amount equal to the difference between:
            (1)(dd)(i) the total income required to be reported by a resident or nonresident estate or trust on the resident or nonresident estate's or trust's federal income tax return for estates and trusts for the taxable year; and
            (1)(dd)(ii) the sum of the following:

                 (1)(dd)(ii)(A) fees paid or incurred to the fiduciary of a resident or nonresident estate or trust:

                      (1)(dd)(ii)(A)(I) for administering the resident or nonresident estate or trust; and

                      (1)(dd)(ii)(A)(II) that the resident or nonresident estate or trust deducts as allowed on the resident or nonresident estate's or trust's federal income tax return for estates and trusts for the taxable year;

                 (1)(dd)(ii)(B) the income distribution deduction that a resident or nonresident estate or trust deducts under Section 651 or 661, Internal Revenue Code, as allowed on the resident or nonresident estate's or trust's federal income tax return for estates and trusts for the taxable year;

                 (1)(dd)(ii)(C) the amount that a resident or nonresident estate or trust deducts as a deduction for estate tax or generation skipping transfer tax under Section 691(c), Internal Revenue Code, as allowed on the resident or nonresident estate's or trust's federal income tax return for estates and trusts for the taxable year; and

                 (1)(dd)(ii)(D) the amount that a resident or nonresident estate or trust deducts as a personal exemption under Section 642(b), Internal Revenue Code, as allowed on the resident or nonresident estate's or trust's federal income tax return for estates and trusts for the taxable year. See Utah Code 59-10-103
• United States: includes each state, district, and territory of the United States of America. See Utah Code 68-3-12.5
• Ute tribal member: means an individual who is enrolled as a member of the Ute Indian Tribe of the Uintah and Ouray Reservation. See Utah Code 59-10-103
• Ute tribe: means the Ute Indian Tribe of the Uintah and Ouray Reservation. See Utah Code 59-10-103
• Writing: includes :
       (48)(a) printing;
       (48)(b) handwriting; and
       (48)(c) information stored in an electronic or other medium if the information is retrievable in a perceivable format. See Utah Code 68-3-12.5