§ 701 Authority; Amendability or Revocability of Trust; Manner of Holding, Administering and Disposing of Property Devised or Bequeathed; Lapse
§ 703 Effect on Prior Wills
§ 705 Uniform Construction
§ 707 Short Title
§ 709 Designation of Trustee as Primary or Contingent Beneficiary, Payee or Owner Under Insurance, Annuity or Endowment, Contract, etc
§ 711 Necessity of Provisions in Will Creating Trust or Making\r\nValid Disposition Under Section 701
§ 713 Payability or Transferability of Benefits or Rights Directly to\r\nTrustee
§ 715 Liability of Rights and Benefits to Debts of Designator
§ 717 Jurisdiction of Court Before or After Payment or Transfer of\r\nBenefits
§ 719 Applicability of Article 1 of Chapter 33 to Trust
§ 721 Appeal from Order
§ 723 Absence of Qualified Trustee to Claim Rights or Benefits; Payment to Personal Representative; Discharge of Obligor from Liability
§ 725 Effect of Article on Trusts Not Made Pursuant to Article
§ 727 Authorization; Securities, Money, Life or Endowment Policies and Annuity Contracts
§ 731 Designation of Adult Person or Trust Company as Custodian; Form
§ 733 Bequest Not in Compliance With Sections 727, 729, 731, or to Person Who Becomes Adult Prior to Distribution as Direct Bequest to Person Named as Minor
§ 735 Distribution by Personal Representative
§ 737 Designation by Testator; Successor or Alternate Custodians; Compensation of Custodian
§ 741 Custodian and Beneficiary as Legatees for Purpose of Receiving Notices; Duty of Custodian to Participate in Probate Proceedings
§ 743 Jurisdiction of Court
§ 745 Non-Exclusiveness of Article
§ 767 Savings Clause
§ 747 Definitions
§ 749 Beneficiary; Contents of Disclaimer
§ 751 Infant, Incompetent, or Decedent; Disclaimer by Guardian or\r\nRepresentative
§ 755 Filing of Disclaimers; Place; Disclaimers Affecting Realty
§ 757 Binding Effect on Beneficiaries and Claimants; Waiver
§ 759 Effect of Interest Disclaimed
§ 765 Operative Effect of Article
§ 767 v2 Savings Clause
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Terms Used In Guam Code > Title 15 > Chapter 7 - Testamentary Additions to Trusts, Life Insurance and Other Trusts; Bequests to Minors; Disclaimer of Testamentary and Other Interests

  • 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.
  • Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
  • 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
  • Bequeath: To gift property by will.
  • Bequest: Property gifted by will.
  • Contingent beneficiary: Receiver of property or benefits if the first named beneficiary fails to receive any or all of the property or benefits in question before his (her) death.
  • Contract: A legal written agreement that becomes binding when signed.
  • Decedent: A deceased person.
  • Devise: To gift property by will.
  • Donee: The recipient of a gift.
  • Donor: The person who makes a gift.
  • 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
  • Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
  • Fiduciary: A trustee, executor, or administrator.
  • Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
  • 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.
  • Inter vivos: Transfer of property from one living person to another living person.
  • Intestate: Dying without leaving a will.
  • 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.
  • Legacy: A gift of property made by will.
  • Legatee: A beneficiary of a decedent
  • 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.
  • Probate: Proving a will
  • Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
  • 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.
  • Testator: A male person who leaves a will at death.
  • Trustee: A person or institution holding and administering property in trust.