Utah Code 75-2-201. Definitions
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As used in this part:
(1) “Decedent’s nonprobate transfers to others,” as used in sections other than Section 75-2-205 , means the amounts that are included in the augmented estate under Section 75-2-205 .
Terms Used In Utah Code 75-2-201
- 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
- Beneficiary designation: means a governing instrument naming a beneficiary of an insurance or annuity policy, of an account with POD designation, of a security registered in beneficiary form (TOD), or of a pension, profit-sharing, retirement, or similar benefit plan, or other nonprobate transfer at death. See Utah Code 75-1-201 v2
- Decedent: A deceased person.
- Estate: includes the property of the decedent, trust, or other person whose affairs are subject to this title as originally constituted and as it exists from time to time during administration. See Utah Code 75-1-201 v2
- 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.
- 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 the person possesses respecting the trust or other property arrangement. See Utah Code 75-2-201
- Person: means an individual or an organization. See Utah Code 75-1-201 v2
- power of appointment: includes a power to designate the beneficiary of a beneficiary designation. See Utah Code 75-2-201
- 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 himself, his creditors, his estate, or creditors of his estate, and includes a power to revoke or invade the principal of a trust or other property arrangement. See Utah Code 75-2-201
- Property: includes values subject to a beneficiary designation. See Utah Code 75-2-201
- Right of survivorship: The ownership rights that result in the acquisition of title to property by reason of having survived other co-owners.
- Survive: includes its derivatives, such as "survives" "survived" "survivor" and "surviving. See Utah Code 75-1-201 v2
- 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(2) “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.(3) “Marriage,” as it relates to a transfer by the decedent during marriage, means any marriage of the decedent to the decedent’s surviving spouse.(4) “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 the person possesses respecting the trust or other property arrangement. A person having a general power of appointment over property is considered to have a beneficial interest in the property.(5) “Power” or “power of appointment” includes a power to designate the beneficiary of a beneficiary designation.(6) “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 himself, his creditors, his estate, or creditors of his estate, and includes a power to revoke or invade the principal of a trust or other property arrangement.(7) “Probate estate” means property that would pass by intestate succession if the decedent died without a valid will.(8) “Property” includes values subject to a beneficiary designation.(9) “Right to income” includes a right to payments under a commercial or private annuity, an annuity trust, a unitrust, or a similar arrangement.(10) “Transfer,” as it relates to a transfer by or of the decedent, includes:(10)(a) an exercise or release of a presently exercisable general power of appointment held by the decedent;(10)(b) a lapse at death of a presently exercisable general power of appointment held by the decedent; and(10)(c) an exercise, release, or lapse of a general power of appointment that the decedent created in himself and of a power described in Subsection
75-2-205(2)(b) that the decedent conferred on a nonadverse party.