Terms Used In Utah Code > Title 75A > Chapter 5 > Part 3 - Unitrust

• Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
• Applicable value: means the amount of the net fair market value of a trust taken into account under Section 75A-5-307. See Utah Code 75A-5-301
• Appraisal: A determination of property value.
• 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
• 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
• Express unitrust: means a trust for which, under the terms of the trust without regard to this part, income or net income is permitted or required to be calculated as a unitrust amount. See Utah Code 75A-5-301
• Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
• 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
• 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 trust: means a trust that is not a unitrust. See Utah Code 75A-5-301
• 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
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• Net income: includes an adjustment from principal to income under Section 75A-5-203. 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
• 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
• Trustee: includes an original, additional, or successor trustee, whether appointed or confirmed by a court. See Utah Code 75A-5-102
• Trustee: A person or institution holding and administering property in trust.
• Unitrust: includes an express unitrust. See Utah Code 75A-5-301
• Unitrust amount: means :
       (6)(a) an amount computed by multiplying a determined value of a trust by a determined percentage; and
       (6)(b) for a unitrust administered under a unitrust policy, the applicable value multiplied by the unitrust rate. See Utah Code 75A-5-301
• Unitrust policy: means a policy described in Sections 75A-5-305 through 75A-5-309 and adopted under Section 75A-5-303. See Utah Code 75A-5-301
• Unitrust rate: means the rate used to compute the unitrust amount under Subsection (6) for a unitrust administered under a unitrust policy. See Utah Code 75A-5-301