Utah Code 75-7-103. Definitions
Current as of: 2024 | Check for updates
|
Other versions
(1) In this chapter:
Terms Used In Utah Code 75-7-103
- 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
- Court: means any of the courts of record in this state having jurisdiction in matters relating to the affairs of decedents. See Utah Code 75-1-201 v2
- Decedent: A deceased person.
- Distributee: means any person who has received property of a decedent from his personal representative other than as a creditor or purchaser. See Utah Code 75-1-201 v2
- 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
- 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.
- Person: means an individual or an organization. See Utah Code 75-1-201 v2
- Proceeding: includes action at law and suit in equity. See Utah Code 75-1-201 v2
- 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
- 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.
- State: means a state of the United States, the District of Columbia, the Commonwealth of Puerto Rico, any territory or insular possession subject to the jurisdiction of the United States, or a Native American tribe or band recognized by federal law or formally acknowledged by a state. 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
- Trustee: A person or institution holding and administering property in trust.
- Trustee: includes an original, additional, and successor trustee, and cotrustee, whether or not appointed or confirmed by the court. See Utah Code 75-1-201 v2
(1)(a) “Action,” with respect to an act of a trustee, includes a failure to act.(1)(b) “Beneficiary” means a person that:(1)(b)(i) has a present or future beneficial interest in a trust, vested or contingent; or(1)(b)(ii) in a capacity other than that of trustee, holds a power of appointment over trust property.(1)(c) “Charitable trust” means a trust, or portion of a trust, created for a charitable purpose described in Subsection 75-7-405(1).(1)(d) “Environmental law” means a federal, state, or local law, rule, regulation, or ordinance relating to protection of the environment.(1)(e) “Interests of the beneficiaries” means the beneficial interests provided in the terms of the trust.(1)(f) “Jurisdiction,” with respect to a geographic area, includes a state or country.(1)(g) “Power of withdrawal” means a presently exercisable general power of appointment other than a power exercisable only upon consent of the trustee or a person holding an adverse interest.(1)(h) “Qualified beneficiary” means a beneficiary who, on the date the beneficiary’s qualification is determined:(1)(h)(i) is a current distributee or permissible distributee of trust income or principal; or(1)(h)(ii) would be a distributee or permissible distributee of trust income or principal if the trust terminated on that date.(1)(i) “Resident estate” or “resident trust”means:(1)(i)(i) an estate of a decedent who at death was domiciled in this state;(1)(i)(ii) a trust, or a portion of a trust, consisting of property transferred by will of a decedent who at his death was domiciled in this state; or(1)(i)(iii) a trust administered in this state.(1)(j) “Revocable,” as applied to a trust, means revocable by the settlor without the consent of the trustee or a person holding an adverse interest.(1)(k) “Settlor” means a person, including a testator, who creates, or contributes property to, a trust. If more than one person creates or contributes property to a trust, each person is a settlor of the portion of the trust property attributable to that person’s contribution except to the extent another person has the power to revoke or withdraw that portion.(1)(l) “Spendthrift provision” means a term of a trust which restrains both voluntary and involuntary transfer or encumbrance of a beneficiary’s interest.(1)(m) “Terms of a trust” means:(1)(m)(i) except as otherwise provided in Subsection (1)(m)(ii), the manifestation of the settlor’s intent regarding a trust’s provisions as:(1)(m)(i)(A) expressed in the trust instrument; or(1)(m)(i)(B) established by other evidence that would be admissible in a judicial proceeding;(1)(m)(ii) the trust’s provisions as established, determined, or amended by:(1)(m)(ii)(A) a trustee or trust director in accordance with the applicable law;(1)(m)(ii)(B) court order; or(1)(m)(ii)(C) a nonjudicial settlement agreement under Section 75-7-110.(1)(n) “Trust instrument” means an instrument executed by the settlor that contains terms of the trust, including any amendments thereto.
(2) Terms not specifically defined in this section have the meanings provided in Section 75-1-201.