Terms Used In Arizona Laws > Title 14 > Chapter 11 > Article 5 - Creditor's Claims; Spendthrift and Discretionary Trusts

• 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
• Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
• 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}
• Child: includes a person who is entitled to take as a child under this title by intestate succession from the parent whose relationship is involved. See Arizona Laws 14-1201
• Community property: means that property of a husband and wife that is acquired during the marriage and that is community property as prescribed in section 25-211. See Arizona Laws 14-1201
• 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
• 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
• Garnishment: Generally, garnishment is a court proceeding in which a creditor asks a court to order a third party who owes money to the debtor or otherwise holds assets belonging to the debtor to turn over to the creditor any of the debtor
• Grantor: includes every person from or by whom an estate or interest in real property passes, in or by a deed. See Arizona Laws 1-215
• Grantor: The person who establishes a trust and places property into it.
• 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.
• Irrevocable trust: A trust arrangement that cannot be revoked, rescinded, or repealed by the grantor.
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• 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
• 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. See Arizona Laws 14-10103

• 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
• 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
• 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
• Spendthrift provision: means a term of a trust that restrains either voluntary or involuntary transfer of a beneficiary's interest. 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
• Statute: A law passed by a legislature.
• 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