Florida Statutes 739.102 – Definitions
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As used in this chapter, the term:
(1) “Benefactor” means the creator of the interest that is subject to a disclaimer.
(2) “Beneficiary designation” means an instrument, other than an instrument creating or amending a trust, naming the beneficiary of:
(a) An annuity or insurance policy;
Terms Used In Florida Statutes 739.102
- 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.
- 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
- 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.
- Disclaimant: means the person to whom a disclaimed interest or power would have passed had the disclaimer not been made. See Florida Statutes 739.102
- Disclaimed interest: means the interest that would have passed to the disclaimant had the disclaimer not been made. See Florida Statutes 739.102
- Disclaimer: means the refusal to accept an interest in or power over property. See Florida Statutes 739.102
- 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.
- Jointly held property: means property held in the names of two or more persons under an arrangement in which all holders have concurrent interests and under which the last surviving holder is entitled to the whole of the property. See Florida Statutes 739.102
- Person: includes individuals, ascertained and unascertained, living or not living, whether entitled to an interest by right of intestacy or otherwise; a government, governmental subdivision, agency, or instrumentality; and a public corporation. See Florida Statutes 739.102
- Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. Source: OCC
- Statute: A law passed by a legislature.
- Trust: means :(a) An express trust (including an honorary trust or a trust under…. See Florida Statutes 739.102
- Trustee: A person or institution holding and administering property in trust.
(b) An account with a designation for payment on death;(c) A security registered in beneficiary form;(d) A pension, profit-sharing, retirement, or other employment-related benefit plan; or(e) Any other nonprobate transfer at death.
(3) “Disclaimant” means the person to whom a disclaimed interest or power would have passed had the disclaimer not been made.
(4) “Disclaimed interest” means the interest that would have passed to the disclaimant had the disclaimer not been made.
(5) “Disclaimer” means the refusal to accept an interest in or power over property. The term includes a renunciation.
(6) “Fiduciary” means a personal representative, trustee, agent acting under a power of attorney, guardian, or other person authorized to act as a fiduciary with respect to the property of another person.
(7) “Future interest” means an interest that takes effect in possession or enjoyment, if at all, later than the time of its creation.
(8) “Insolvent” means, solely for purposes of this chapter, that the sum of a person’s debts is greater than all of the person’s assets at fair valuation and that the person is generally not paying his or her debts as they become due. For purposes of this subsection, the term “assets” has the same meaning as that provided in s. 726.102.
(9) “Jointly held property” means property held in the names of two or more persons under an arrangement in which all holders have concurrent interests and under which the last surviving holder is entitled to the whole of the property. Jointly held property does not include property held as tenants by the entirety.
(10) “Person” includes individuals, ascertained and unascertained, living or not living, whether entitled to an interest by right of intestacy or otherwise; a government, governmental subdivision, agency, or instrumentality; and a public corporation.
(11) “Time of distribution” means the time when a disclaimed interest would have taken effect in possession or enjoyment.
(12) “Trust” means:
(a) An express trust (including an honorary trust or a trust under s. 736.0408), charitable or noncharitable, with additions thereto, whenever and however created; and
(b) A trust created pursuant to a statute, judgment, or decree which requires the trust be administered in the manner of an express trust.
As used in this chapter, the term “trust” does not include a constructive trust or a resulting trust.