Terms Used In Arizona Laws > Title 14 > Chapter 11 > Article 8 - Duties and Powers of Trustee and Trust Protector

• Action: includes any matter or proceeding in a court, civil or criminal. See Arizona Laws 1-215
• Adult: means a person who has attained eighteen years of age. See Arizona Laws 1-215
• Agent: includes an attorney-in-fact under a durable or nondurable power of attorney, a person who is authorized to make decisions concerning another person's health care and a person who is authorized to make decisions for another person under a natural death act. See Arizona Laws 14-1201
• 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.
• 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}
• 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
• Conservator: means a person appointed by the court to administer the estate of a minor or an adult. See Arizona Laws 14-10103
• Contract: A legal written agreement that becomes binding when signed.
• 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
• Custodial trustee: means a person who is designated as trustee of a custodial trust under this chapter or a substitute or successor to the person designated. See Arizona Laws 14-9101
• Decedent: A deceased person.
• 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
• Fiduciary: A trustee, executor, or administrator.
• Fiduciary: includes a personal representative, guardian, conservator and trustee. See Arizona Laws 14-1201
• 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. See Arizona Laws 14-10103
• Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
• Incapacitated: means lacking the ability to manage property and business affairs effectively by reason of mental illness, mental deficiency, physical illness or disability, chronic use of drugs, chronic intoxication, confinement, detention by a foreign power, disappearance, minority or other disabling cause. See Arizona Laws 14-9101
• including: means not limited to and is not a term of exclusion. See Arizona Laws 1-215
• Indemnification: In general, a collateral contract or assurance under which one person agrees to secure another person against either anticipated financial losses or potential adverse legal consequences. ^{Source: FDIC}
• 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.
• 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.
• Lease: includes any oil, gas or other mineral lease. See Arizona Laws 14-1201
• Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). ^{Source: OCC}
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• 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
• Personal representative: includes an executor, an administrator, a successor personal representative, a special administrator and persons who perform substantially the same function under the law governing their status. See Arizona Laws 14-1201
• 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
• Prosecute: To charge someone with a crime. A prosecutor tries a criminal case on behalf of the government.
• 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. See Arizona Laws 14-10103

• Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
• Revocable trust: A trust agreement that can be canceled, rescinded, revoked, or repealed by the grantor (person who establishes the trust).
• Security: includes any note, stock, treasury stock, bond, debenture, evidence of indebtedness, certificate of interest or participation in an oil, gas or mining title or lease or in payments out of production under that title or lease, collateral trust certificate, transferable share or voting trust certificate and, in general, includes any interest or instrument commonly known as a security, or any certificate of interest or participation, any temporary or interim certificate, receipt or certificate of deposit for, or any warrant or right to subscribe to or purchase, any of these securities. See Arizona Laws 14-1201
• 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
• subscription: includes a mark, if a person cannot write, with the person's name written near it and witnessed by a person who writes the person's own name as witness. See Arizona Laws 1-215
• 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
• Trust: includes an express trust, private or charitable, with any additions, wherever and however created. See Arizona Laws 14-1201
• Trust company: means a financial institution, corporation or other legal entity that is authorized to exercise general trust powers. See Arizona Laws 14-9101
• 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.