Utah Code 75-12-105. Exclusions
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(1) As used in this section, “power of appointment” means a power that enables a person acting in a nonfiduciary capacity to designate a recipient of an ownership interest in, or another power of appointment over, trust property.
Terms Used In Utah Code 75-12-105
- 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
- Person: means an individual, estate, business or nonprofit entity, public corporation, government or governmental subdivision, agency, instrumentality, or other legal entity. See Utah Code 75-12-102
- Power of direction: includes a power over the investment, management, or distribution of trust property or other matters of trust administration. See Utah Code 75-12-102
- Property: includes both real and personal property or any interest therein and means anything that may be the subject of ownership. See Utah Code 75-1-201 v2
- Settlor: means the same as that term is defined in Section 75-7-103. See Utah Code 75-12-102
- Terms of a trust: means :(8)(a) subject to Subsection (8)(b), the manifestation of the settlor's intent regarding a trust's provisions as:(8)(a)(i) expressed in the trust instrument; or(8)(a)(ii) established by other evidence that would be admissible in a judicial proceeding; or(8)(b) the trust's provisions as established, determined, or amended by:(8)(b)(i) a trustee or trust director in accordance with applicable law;(8)(b)(ii) a court order; or(8)(b)(iii) a nonjudicial settlement agreement under Section 75-7-110. See Utah Code 75-12-102
- Trust: includes :(60)(a)(i) a health savings account, as defined in Section 223of the Internal Revenue Code;(60)(a)(ii) an express trust, private or charitable, with additions thereto, wherever and however created; or(60)(a)(iii) a trust created or determined by judgment or decree under which the trust is to be administered in the manner of an express trust. See Utah Code 75-1-201 v2
- Trust director: means a person that is granted a power of direction by the terms of a trust to the extent the power is exercisable while the person is not serving as a trustee, regardless of whether:(9)(a) the terms of the trust refer to the person as a trust director; or(9)(b) the person is a beneficiary or settlor of the trust. See Utah Code 75-12-102
- Trustee: A person or institution holding and administering property in trust.
- Trustee: includes an original, additional, and successor trustee, and a cotrustee. See Utah Code 75-12-102
(2) This chapter does not apply to:
(2)(a) a power of appointment;
(2)(b) a power to appoint or remove a trustee or trust director;
(2)(c) a power of a settlor over a trust to the extent the settlor has a power to revoke the trust;
(2)(d) a power of a beneficiary over a trust to the extent the exercise or nonexercise of the power affects the beneficial interest of:
(2)(d)(i) the beneficiary; or
(2)(e) power over a trust if:
(2)(e)(i) the terms of the trust provide that the power is held in a nonfiduciary capacity; and
(2)(e)(ii) the power must be held in a nonfiduciary capacity to achieve the settlor’s tax objectives under the Internal Revenue Code of 1986, as amended, and any related Internal Revenue Service regulations.
(3) Unless the terms of a trust provide otherwise, a power granted to a person to designate a recipient of an ownership interest in, or power of appointment over, trust property that is exercisable while the person is not serving as trustee is a power of appointment and not a power of direction.