Terms Used In Arizona Laws > Title 14 > Chapter 11 > Article 10 - Liability of Trustees and Rights of Persons Dealing with Trustees

• Action: includes any matter or proceeding in a court, civil or criminal. See Arizona Laws 1-215
• 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.
• Application: means a written request to the registrar for an order of informal probate or appointment under chapter 3, article 3 of this title. See Arizona Laws 14-1201
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• 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

• 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}
• Charity: An agency, institution, or organization in existence and operating for the benefit of an indefinite number of persons and conducted for educational, religious, scientific, medical, or other beneficent purposes.
• Contract: A legal written agreement that becomes binding when signed.
• Court: means the superior court. See Arizona Laws 14-1201
• Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
• 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
• Environmental law: means a federal, state or local law, rule, regulation or ordinance relating to protection of the environment. See Arizona Laws 14-10103
• 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
• 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: includes a personal representative, guardian, conservator and trustee. See Arizona Laws 14-1201
• Fiduciary: A trustee, executor, or administrator.
• Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
• Governing instrument: means a deed, will, trust, insurance or annuity policy, account with pay on death designation, security registered in beneficiary form, pension, profit sharing, retirement or similar benefit plan, instrument creating or exercising a power of appointment or power of attorney or supported decision-making agreement or a dispositive, appointive or nominative instrument of any similar type. See Arizona Laws 14-1201
• including: means not limited to and is not a term of exclusion. See Arizona Laws 1-215
• Inter vivos: Transfer of property from one living person to another living person.
• Interests of the beneficiaries: means the beneficial interests provided in the terms of the trust. See Arizona Laws 14-10103
• Irrevocable trust: A trust arrangement that cannot be revoked, rescinded, or repealed by the grantor.
• Lien: A claim against real or personal property in satisfaction of a debt.
• Marital deduction: The deduction(s) that can be taken in the determination of gift and estate tax liabilities because of the existence of a marriage or marital relationship.
• 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.
• Organization: means a corporation, limited liability company, business trust, estate, trust, partnership, joint venture, association, government or governmental subdivision or agency or any other legal or commercial entity. 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
• Petition: means a written request to the court for an order after notice. See Arizona Laws 14-1201
• Probate: Proving a will
• 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.
• Revocable trust: A trust agreement that can be canceled, rescinded, revoked, or repealed by the grantor (person who establishes the trust).
• Settlor: means a person, including a testator, who creates or contributes property to a trust. 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
• 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. See Arizona Laws 14-10103
• Tort: A civil wrong or breach of a duty to another person, as outlined by law. A very common tort is negligent operation of a motor vehicle that results in property damage and personal injury in an automobile accident.
• 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: includes an original, additional and successor trustee and a cotrustee. See Arizona Laws 14-10103
• Trustee: A person or institution holding and administering property in trust.