Maryland Code, ESTATES AND TRUSTS 9-201
Terms Used In Maryland Code, ESTATES AND TRUSTS 9-201
- 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
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Fiduciary: A trustee, executor, or administrator.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Person: includes an individual, receiver, trustee, guardian, personal representative, fiduciary, representative of any kind, corporation, partnership, business trust, statutory trust, limited liability company, firm, association, or other nongovernmental entity. See
- Personal representative: includes an administrator and an executor. See
- Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. Source: OCC
- Statute: A law passed by a legislature.
- Trustee: A person or institution holding and administering property in trust.
(b) “Beneficiary designation” means an instrument, other than an instrument creating a trust, naming the beneficiary of:
(1) An annuity or insurance policy;
(2) An account with a designation for payment on death;
(3) A security registered in beneficiary form;
(4) A pension, profit-sharing, retirement, or other employment-related benefit plan; or
(5) Any other nonprobate transfer at death.
(c) “Disclaimant” means the person to whom a disclaimed interest or power would have passed had the disclaimer not been made.
(d) “Disclaimed interest” means the interest that would have passed to the disclaimant had the disclaimer not been made.
(e) “Disclaimer” means the refusal to accept an interest in or power over property.
(f) “Fiduciary” means a personal representative, trustee, agent acting under a power of attorney, or other person authorized to act as a fiduciary with respect to the property of another person.
(g) “Future interest” means an interest that takes effect in possession or enjoyment, if at all, later than the time of its creation.
(h) “Jointly held property” means property held in the name of two or more persons under an arrangement in which all holders have concurrent interests and under which the last surviving holder is entitled to the whole of the property.
(i) “Person” means an individual, corporation, business trust, statutory trust, estate, trust, partnership, limited liability company, association, joint venture, governmental subdivision, governmental agency, governmental instrumentality, public corporation, legal entity, or commercial entity.
(j) “Time of distribution” means the time when a disclaimed interest would have taken effect in possession or enjoyment.
(k) “Trust” means:
(1) An express trust, charitable or noncharitable, whenever and however created; or
(2) A trust created pursuant to a statute, judgment, or decree that requires that the trust be administered in the manner of an express trust.