Arizona Laws 14-10103. Definitions
In this chapter, unless the context otherwise requires:
Terms Used In Arizona Laws 14-10103
- Adult: means a person who has attained eighteen years of age. See Arizona Laws 1-215
- 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: means a person who either:
(a) Has a present or future beneficial interest in a trust, vested or contingent. See Arizona Laws 14-10103
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Court: means the superior court. See Arizona Laws 14-1201
- Disability: means cause for a protective order as described in section 14-5401. See Arizona Laws 14-1201
- Distributee: means a person who receives property from a trust other than as a creditor or purchaser. See Arizona Laws 14-10103
- 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
- Estate: includes the property of the decedent, trust or other person whose affairs are subject to this title as originally constituted and as it exists from time to time during administration. See Arizona Laws 14-1201
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- Guardian ad litem: includes a person who is appointed pursuant to section 14-1408. See Arizona Laws 14-1201
- including: means not limited to and is not a term of exclusion. See Arizona Laws 1-215
- 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.
- Minor: means a person who is under eighteen years of age. See Arizona Laws 14-1201
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Person: means an individual, corporation, business trust, estate, trust, partnership, limited liability company, association, joint venture, government, governmental subdivision, agency or instrumentality, public corporation or any other legal or commercial entity. See Arizona Laws 14-10103
- person with a disability: means an individual who has a disability pursuant to 42 United States Code § 1382c. See Arizona Laws 14-10103
- Proceeding: includes action at law and suit in equity. See Arizona Laws 14-1201
- Property: means anything that may be the subject of ownership, whether real or personal, legal or equitable, or any interest in anything that may be the subject of ownership. See Arizona Laws 14-10103
- Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
- Settlor: means a person, including a testator, who creates or contributes property to a trust. See Arizona Laws 14-10103
- Special needs trust: means a trust established for the benefit of one or more persons with disabilities if one of the purposes of the trust, expressed in the trust instrument or implied from the trust instrument, is to allow the person with a disability to qualify or continue to qualify for public, charitable or private benefits that might otherwise be available to the person with a disability. See Arizona Laws 14-10103
- State: means a state of the United States, the District of Columbia, Puerto Rico, the United States Virgin Islands or any territory or insular possession subject to the jurisdiction of the United States. See Arizona Laws 14-10103
- Trust: includes an express trust, private or charitable, with any additions, wherever and however created. See Arizona Laws 14-1201
- Trust instrument: means an instrument executed by the settlor that contains terms of the trust, including any amendments to that trust. See Arizona Laws 14-10103
- Trustee: A person or institution holding and administering property in trust.
- Trustee: includes an original, additional and successor trustee and a cotrustee. See Arizona Laws 14-10103
- United States: includes the District of Columbia and the territories. See Arizona Laws 1-215
1. "Action", with respect to an act of a trustee, includes a failure to act.
2. "Beneficiary" means a person who either:
(a) Has a present or future beneficial interest in a trust, vested or contingent.
(b) In a capacity other than that of a trustee, holds a power of appointment over trust property.
3. "Charitable trust" means a trust, or portion of a trust, created for a charitable purpose described in section 14-10405, subsection A.
4. "Conservator" means a person appointed by the court to administer the estate of a minor or an adult.
5. "Distributee" means a person who receives property from a trust other than as a creditor or purchaser.
6. "Environmental law" means a federal, state or local law, rule, regulation or ordinance relating to protection of the environment.
7. "Guardian" means a person appointed by the court to make decisions regarding the support, care, education, health and welfare of a minor or an adult. Guardian does not include a guardian ad litem.
8. "Interests of the beneficiaries" means the beneficial interests provided in the terms of the trust.
9. "Internal revenue code" has the same meaning prescribed in section 43-105.
10. "Jurisdiction", with respect to a geographic area, includes a state or country.
11. "Person" means an individual, corporation, business trust, estate, trust, partnership, limited liability company, association, joint venture, government, governmental subdivision, agency or instrumentality, public corporation or any other legal or commercial entity.
12. "Power of withdrawal" means a presently exercisable general power of appointment other than a power exercisable either:
(a) By a trustee and limited by an ascertainable standard.
(b) By a person other than in a fiduciary capacity and only on the consent of the trustee or a person holding an adverse interest.
13. "Property" means anything that may be the subject of ownership, whether real or personal, legal or equitable, or any interest in anything that may be the subject of ownership.
14. "Qualified beneficiary" means a beneficiary who, on the date the beneficiary‘s qualification is determined:
(a) Is a distributee or permissible distributee of trust income or principal.
(b) Would be a distributee or permissible distributee of trust income or principal if the interests of the distributees described in subdivision (a) of this paragraph terminated on that date.
(c) Would be a distributee or permissible distributee of trust income or principal if the trust terminated on that date.
15. "Revocable", as applied to a trust or a portion of a trust, means revocable by a settlor without the consent of any person, including the trustee or a person who holds an interest that is either adverse or not adverse.
16. "Settlor" means a person, including a testator, who creates or contributes property to a trust. If more than one person creates or contributes property to a trust, each person is a settlor of the portion of the trust property attributable to that person’s contribution except to the extent another person has the power to revoke or withdraw that portion.
17. "Special needs trust" means a trust established for the benefit of one or more persons with disabilities if one of the purposes of the trust, expressed in the trust instrument or implied from the trust instrument, is to allow the person with a disability to qualify or continue to qualify for public, charitable or private benefits that might otherwise be available to the person with a disability. The existence of one or more remainder beneficiaries without a disability of the trust shall not disqualify it as a special needs trust for the purposes of this paragraph. For the purposes of this paragraph, "person with a disability" means an individual who has a disability pursuant to 42 United States Code § 1382c.
18. "Spendthrift provision" means a term of a trust that restrains either voluntary or involuntary transfer of a beneficiary’s interest.
19. "State" means a state of the United States, the District of Columbia, Puerto Rico, the United States Virgin Islands or any territory or insular possession subject to the jurisdiction of the United States. State includes an Indian tribe or band recognized by federal law or formally acknowledged by a state.
20. "Terms of a trust" means the manifestation of the settlor’s intent regarding a trust’s provisions as expressed in the trust instrument or as may be established by other evidence that would be admissible in a judicial proceeding.
21. "Trust instrument" means an instrument executed by the settlor that contains terms of the trust, including any amendments to that trust.
22. "Trustee" includes an original, additional and successor trustee and a cotrustee.