15 Guam Code Ann. § 649
Terms Used In 15 Guam Code Ann. § 649
- Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
- 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.
- Executor: A male person named in a will to carry out the decedent
- Legacy: A gift of property made by will.
- Legatee: A beneficiary of a decedent
- Probate: Proving a will
- Testator: A male person who leaves a will at death.
Until the amendment of Probate Code § 162 [which made it read similarly to
§ 647, supra] and the addition of Probate Code § 162.5 [which reads similarly to § 649] in 1959, the following questions were unsettled in California:
(a) Is the income beneficiary of a residuary trust entitled to income earned during probate upon assets which are sold prior to distribution of the probate estate? (Probate Code § 162.5 now so provides.)
(b) Is the beneficiary of a trust established by a general pecuniary legacy, rather than a residuary bequest, entitled to receive income from the date of the testator‘s death or only from the date when the fund is distributed by the executor to the trustee? (Probate Code §§ 162 and 162.5 provide for income from the date of distribution.)
(c) Where a portion of the residue is bequeathed in trust and the balance outright, how is the probate income to be divided? (Probate Code § 162.5 provides for pro rata distribution.) For example, if half the estate is bequeathed in trust and half outright, the income beneficiary of the residuary trust should receive half the income and the other half should be added to the share of the outright residuary legatee. California Continuing Education of the Bar, California Estate Administration, § 37.23.
Also see Comment to § 647, supra.
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