15 Guam Code Ann. § 645
Terms Used In 15 Guam Code Ann. § 645
- 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
- Bequest: Property gifted by will.
- Common law: The legal system that originated in England and is now in use in the United States. It is based on judicial decisions rather than legislative action.
- Legacy: A gift of property made by will.
- Legatee: A beneficiary of a decedent
- Personal property: All property that is not real property.
- Probate: Proving a will
- Testator: A male person who leaves a will at death.
(a) Specific: A legacy of a particular thing, specified and distinguished from all others of the same kind belonging to the testator, is specific; if such legacy fails, resort can not be had to the other property of the testator.
(b) Demonstrative: A legacy is demonstrative when the particular fund or personal property is pointed out from which it is to be taken or paid.
(c) Annuity: An annuity is a bequest of certain specified sums periodically; if the fund or property out of which a demonstrative legacy or an annuity is payable fails, in whole or in part, resort may be had to the general assets of the testator’s estate, as in case of a general legacy.
(d) Residuary: A residuary legacy embraces only that which remains after all the bequests of the will are discharged.
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(e) General: All other legacies are general legacies.
SOURCE: Probate Code of Guam (1970), § 161.
§ 647. Unpaid Legacies to Bear Interest; Commencement of
Annuities; Unpaid Accumulations to Bear Interest.
General pecuniary legacies, including general pecuniary legacies in trust, if not paid prior to the first anniversary of the testator’s death, bear annual interest thereafter at the rate prescribed by law for interest on civil judgments. Annuities commence at the testator’s death and are due at the end of the annual, monthly or other specified period. Whenever an annuitant, legatee of a legacy for maintenance or beneficiary of a trust may be entitled to periodic payments or trust income commencing at the testator’s death, he shall be entitled to annual interest, at the rate pre- scribed by law for interest on civil judgments, on the amount of any unpaid accumulations of such payments or income held by the personal representative on each anniversary of the testator’s death, computed from the date of such anniversary.
SOURCE: California Probate Code, § 162.
COMMENT: The Probate Code of Guam, as originally enacted, contained no provision for interest on legacies, etc., as provided in § 647. The Commission is of the opinion that such a provision is necessary, in order to be certain that legatees receive everything due to them and to help protect legatees against overly long delays in administration of estates. Moreover, the provisions concerning time of payment statutorize common law rules which do not have application in Guam under the Codes of Guam. Also see Comment to § 649, infra.
§ 649. Distribution of Net Income From Property Sold During
Administration.
Unless otherwise specifically provided by the will of the testator,
(a) all net income received during the period of administration from real or personal property not specifically or demonstrably devised or bequeathed, including net income from property sold during such period, shall be distributed pro rata as income to any trust of all or any part of the residuary estate, and to any tenant or tenants for life or for a term of years of all or any part of the residuary estate, and to any person entitled absolutely or free of trust to all or any part of the residuary estate; but
(b) no such income shall be distributed as income of a general pecuniary legacy in trust, except that the interest on a pecuniary
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legacy in trust provided for in Section 647 of this Title shall be distributed as income to said trust.
SOURCE: California Probate Code, § 162.5.
COMMENT: The Probate Code of Guam (1970) contained no provision similar to