Terms Used In Utah Code > Title 75A > Chapter 5 > Part 2 - Fiduciary Duties and Judicial Review

• Accounting period: includes a part of a calendar year or another period of 12 calendar months or approximately 12 calendar months that begins when an income interest begins or ends when an income interest ends. See Utah Code 75A-5-102
• 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.
• 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}
• Beneficiary: includes :
       (3)(a) for a trust:

            (3)(a)(i) a current beneficiary, including a current income beneficiary and a beneficiary that may receive only principal;

            (3)(a)(ii) a remainder beneficiary; and

            (3)(a)(iii) any other successor beneficiary;
       (3)(b) for an estate, an heir and devisee; and
       (3)(c) for a life estate or term interest, a person that holds a life estate, term interest, or remainder, or other interest following a life estate or term interest. See Utah Code 75A-5-102
• Court: means a court in this state with jurisdiction over a trust or estate, or a life estate or other term interest described in Subsection 75A-5-103(2). See Utah Code 75A-5-102
• Current income beneficiary: means a beneficiary to which a fiduciary may distribute net income, even if the fiduciary also may distribute principal to the beneficiary. See Utah Code 75A-5-102
• Distribution: means a payment or transfer by a fiduciary to a beneficiary in the beneficiary's capacity as a beneficiary, made under the terms of the trust, without consideration other than the beneficiary's right to receive the payment or transfer under the terms of the trust. See Utah Code 75A-5-102
• Estate: includes the property of the decedent as the estate is originally constituted and the property of the estate as it exists at any time during administration. See Utah Code 75A-5-102
• Fiduciary: A trustee, executor, or administrator.
• Fiduciary: includes :
       (8)(a) a trustee, trust director as defined in Section 75-12-102, personal representative, life tenant, holder of a term interest, and person acting under a delegation from a fiduciary;
       (8)(b) a person that holds property for a successor beneficiary whose interest may be affected by an allocation of receipts and expenditures between income and principal; and
       (8)(c) if there are two or more co-fiduciaries, all co-fiduciaries acting under the terms of the trust and applicable law. See Utah Code 75A-5-102
• Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
• Gross estate: The total fair market value of all property and property interests, real and personal, tangible and intangible, of which a decedent had beneficial ownership at the time of death before subtractions for deductions, debts, administrative expenses, and casualty losses suffered during estate administration.
• Income: includes a part of receipts from a sale, exchange, or liquidation of a principal asset to the extent provided in Part 4, Allocation of Receipts. See Utah Code 75A-5-102
• Income interest: includes the right of a current beneficiary to use property held by a fiduciary. See Utah Code 75A-5-102
• Independent person: means a person that is not:
       (11)(a) for a trust:

            (11)(a)(i) a qualified beneficiary as determined under Section 75-7-103;

            (11)(a)(ii) a settlor of the trust; or

            (11)(a)(iii) an individual whose legal obligation to support a beneficiary may be satisfied by a distribution from the trust;
       (11)(b) for an estate, a beneficiary;
       (11)(c) a spouse, parent, brother, sister, or issue of an individual described in Subsection (11)(a) or (b);
       (11)(d) a corporation, partnership, limited liability company, or other entity in which persons described in Subsections (11)(a) through (c), in the aggregate, have voting control; or
       (11)(e) an employee of a person described in Subsection (11)(a), (b), (c), or (d). See Utah Code 75A-5-102
• Person: means :
       (14)(a) an individual;
       (14)(b) an estate;
       (14)(c) a trust;
       (14)(d) a business or nonprofit entity;
       (14)(e) a public corporation, government or governmental subdivision, agency, or instrumentality; or
       (14)(f) any other legal entity. See Utah Code 75A-5-102
• Principal: means property held in trust for distribution to, production of income for, or use by a current or successor beneficiary. See Utah Code 75A-5-102
• Property: includes both real and personal property. See Utah Code 68-3-12.5
• Record: means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in perceivable form. See Utah Code 75A-5-102
• Settlor: means the same as that term is defined in Section 75-7-103. See Utah Code 75A-5-102
• Special tax benefit: means :
       (19)(a) exclusion of a transfer to a trust from gifts described in Section 2503(b) of the Internal Revenue Code because of the qualification of an income interest in the trust as a present interest in property;
       (19)(b) status as a qualified subchapter S trust described in Section 1361(d)(3) of the Internal Revenue Code at a time the trust holds stock of an S corporation described in Section 1361(a)(1) of the Internal Revenue Code;
       (19)(c) an estate or gift tax marital deduction for a transfer to a trust under Section 2056 or 2523 of the Internal Revenue Code that depends or depended in whole or in part on the right of the settlor's spouse to receive the net income of the trust;
       (19)(d) exemption in whole or in part of a trust from the federal generation-skipping transfer tax imposed by Section 2601 of the Internal Revenue Code because the trust was irrevocable on September 25, 1985, if there is any possibility that:

            (19)(d)(i) a taxable distribution, as defined in Section 2612(b) of the Internal Revenue Code, could be made from the trust; or

            (19)(d)(ii) a taxable termination, as defined in Section 2612(a) of the Internal Revenue Code, could occur with respect to the trust; or
       (19)(e) an inclusion ratio, as defined in Section 2642(a) of the Internal Revenue Code, of the trust which is less than one, if there is any possibility that:

            (19)(e)(i) a taxable distribution, as defined in Section 2612(b) of the Internal Revenue Code, could be made from the trust; or

            (19)(e)(ii) a taxable termination, as defined in Section 2612(a) of the Internal Revenue Code, could occur with respect to the trust. See Utah Code 75A-5-102
• Terms of a trust: means :
       (22)(a) except as otherwise provided in Subsection (22)(b), the manifestation of the settlor's intent regarding a trust's provisions as:

            (22)(a)(i) expressed in the trust instrument; or

            (22)(a)(ii) established by other evidence that would be admissible in a judicial proceeding;
       (22)(b) the trust's provisions as established, determined, or amended by:

            (22)(b)(i) a trustee or trust director in accordance with applicable law;

            (22)(b)(ii) a court order; or

            (22)(b)(iii) a nonjudicial settlement agreement under Section 75-7-110;
       (22)(c) for an estate, a will; or
       (22)(d) for a life estate or term interest, the corresponding manifestation of the rights of the beneficiaries. See Utah Code 75A-5-102
• Trust: includes :
            (23)(a)(i) an express trust, private or charitable, with additions to the trust, wherever and however created; and
            (23)(a)(ii) a trust created or determined by judgment or decree under which the trust is to be administered in the manner of an express trust. See Utah Code 75A-5-102