Kansas Statutes 59-6a,201. Definitions
As used in this section [article]:
(a) “Decedent’s nonprobate transfers to others” means the decedent‘s nonprobate transfers to persons, other than the decedent’s spouse, surviving spouse, the decedent, or the decedent’s creditors, estate, or estate creditors, that are included in the augmented estate under Kan. Stat. Ann. § 59-6a205, and amendments thereto.
Terms Used In Kansas Statutes 59-6a,201
- 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.
- 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
- 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
- Intestate: Dying without leaving a will.
- Joint tenancy: A form of property ownership in which two or more parties hold an undivided interest in the same property that was conveyed under the same instrument at the same time. A joint tenant can sell his (her) interest but not dispose of it by will. Upon the death of a joint tenant, his (her) undivided interest is distributed among the surviving joint tenants.
- Life estate: A property interest limited in duration to the life of the individual holding the interest (life tenant).
- Property: includes personal and real property. See Kansas Statutes 77-201
- Right of survivorship: The ownership rights that result in the acquisition of title to property by reason of having survived other co-owners.
(b) “Fractional interest in property held in joint tenancy with the right of survivorship,” whether the fractional interest is unilaterally severable or not, means the fraction, the numerator of which is one and the denominator of which, if the decedent was a joint tenant, is one plus the number of joint tenants who survive the decedent and which, if the decedent was not a joint tenant, is the number of joint tenants, unless there is proof of some other proportional ownership, legal or equitable.
(c) “Marriage,” as it relates to a transfer by the decedent during marriage, means any marriage of the decedent to the decedent’s surviving spouse.
(d) “Nonadverse party” means a person who does not have a substantial beneficial interest in the trust or other property arrangement that would be adversely affected by the exercise or nonexercise of the power that such person possesses respecting the trust or other property arrangement. A person having a general power of appointment over property is deemed to have a beneficial interest in the property.
(e) “Power” or “power of appointment” includes a power to designate the beneficiary of a beneficiary designation.
(f) “Presently exercisable general power of appointment” means a power of appointment under which, at the time in question, the decedent, whether or not the decedent then had the capacity to exercise the power, held a power to create a present or future interest in the decedent’s self, the decedent’s creditors, the decedent’s estate, or creditors of such decedent’s estate, and includes a power to revoke or invade the principal of a trust or other property arrangement.
(g) “Probate estate” means property that would pass by intestate succession if the decedent died without a valid will.
(h) “Property” includes values subject to a beneficiary designation.
(i) “Right to income” includes a right to payments under a commercial or private annuity, an annuity trust, a unitrust or a similar arrangement.
(j) “Transfer” as it relates to a transfer by or of the decedent, includes (1) an exercise or release of a presently exercisable general power of appointment held by the decedent, (2) a lapse at death of a presently exercisable general power of appointment held by the decedent, and (3) an exercise, release, or lapse of a general power of appointment that the decedent created in the decedent’s self and of a power described in subsection (b)(2) of Kan. Stat. Ann. § 59-6a205, and amendments thereto, that the decedent conferred on a nonadverse party.
(k) “Value of the homestead.” For the purposes of article 6a of chapter 59 of the Kansas Statutes Annotated, and amendments thereto, where the surviving spouse exercises the right to the homestead, the homestead shall be valued as a life estate interest in the equity of the real estate comprising the homestead in the manner provided by the federal estate tax in 26 U.S.C. § 2031, and amendments thereto.