§ 3331 Bond of Successor Trustee
§ 3301 Continuing Jurisdiction Over Trusts
§ 3303 Additions to Testamentary Trust Subject to Jurisdiction of\r\nCourt
§ 3305 Additional Powers of Trustee
§ 3309 Fair Market Value of Principal so Low as to Defeat or Impair Purposes of Testamentary Trust; Order for Change in Trustee, Modification of Terms or Termination of Trust
§ 3311 Accounting; Application and Order
§ 3315 Conclusiveness of Decree
§ 3317 Removal of Trustee or Co-trustee; Notice; Hearing
§ 3323 Declination of Designated Trustee to Act; Time; Procedure
§ 3325 Appointment to Fill Vacancy Occurring Before Distribution
§ 3327 Resignation After Distribution: Petition; Hearing and Notice; Acceptance; Continuing Liability on Bond
§ 3329 Filling Vacancy After Distribution
§ 3331 v2 Bond of Successor Trustee
§ 3333 Vouchers; Withdrawal; Production; Destruction or Delivery to Trustee or Trustee\’s Attorney
§ 3335 Certificate; Action and Appointment as Trustee
§ 3337 Combination of Assets and Administration of Testamentary\r\nTrusts as One Trust; Conditions
§ 3339 Transfer of Testamentary Trust to Another Jurisdiction
§ 3341 Application of Article
§ 3343 Transfer of Place of Administration or Assets
§ 3345 Petition for Transfer; Contents
§ 3347 Notice and Hearing; Notice to Persons Named in Petition; Opposition
§ 3349 Order; Requirements
§ 3351 Manner of Transfer; Conditions; Discharge of Local Trustee
§ 3353 Beneficiary Defined
§ 3355 Application and Construction of Article
§ 3357 Order Accepting Transfer of Trust
§ 3359 Petition; Who May File
§ 3361 Petition; Verification; Contents
§ 3363 Setting Petition for Hearing; Notice; Opposition
§ 3365 Grant of Petition; Issuance of Order; Requirements
§ 3367 Conditional Order Appointing Trustee; Transfer of Assets or\r\nPlace of Administration
§ 3369 Administration of Trust in Guam; Law Governing
§ 3371 Beneficiary Defined
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Terms Used In Guam Code > Title 15 > Chapter 33 - Administration of Trusts

  • Appellate: About appeals; an appellate court has the power to review the judgement of another lower court or tribunal.
  • 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
  • Continuance: Putting off of a hearing ot trial until a later time.
  • Decedent: A deceased person.
  • 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
  • Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
  • Fiduciary: A trustee, executor, or administrator.
  • 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.
  • 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: 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.
  • Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
  • Probate: Proving a will
  • Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
  • Statute: A law passed by a legislature.
  • Testator: A male person who leaves a will at death.
  • Trustee: A person or institution holding and administering property in trust.
  • Trustor: The person who makes or creates a trust. Also known as the grantor or settlor.