Terms Used In Utah Code 75A-5-404

• Accounting period: includes a part of a calendar year or another period of 12 calendar months or approximately 12 calendar months that begins when an income interest begins or ends when an income interest ends. See Utah Code 75A-5-102
• 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: includes :
       (3)(a) for a trust:

            (3)(a)(i) a current beneficiary, including a current income beneficiary and a beneficiary that may receive only principal;

            (3)(a)(ii) a remainder beneficiary; and

            (3)(a)(iii) any other successor beneficiary;
       (3)(b) for an estate, an heir and devisee; and
       (3)(c) for a life estate or term interest, a person that holds a life estate, term interest, or remainder, or other interest following a life estate or term interest. See Utah Code 75A-5-102
• Contract: A legal written agreement that becomes binding when signed.
• Estate: includes the property of the decedent as the estate is originally constituted and the property of the estate as it exists at any time during administration. See Utah Code 75A-5-102
• Fiduciary: A trustee, executor, or administrator.
• Fiduciary: includes :
       (8)(a) a trustee, trust director as defined in Section 75-12-102, personal representative, life tenant, holder of a term interest, and person acting under a delegation from a fiduciary;
       (8)(b) a person that holds property for a successor beneficiary whose interest may be affected by an allocation of receipts and expenditures between income and principal; and
       (8)(c) if there are two or more co-fiduciaries, all co-fiduciaries acting under the terms of the trust and applicable law. See Utah Code 75A-5-102
• Income: includes a part of receipts from a sale, exchange, or liquidation of a principal asset to the extent provided in Part 4, Allocation of Receipts. See Utah Code 75A-5-102
• Income interest: includes the right of a current beneficiary to use property held by a fiduciary. See Utah Code 75A-5-102
• Mandatory income interest: means the right of a current income beneficiary to receive net income that the terms of the trust require the fiduciary to distribute. See Utah Code 75A-5-102
• Net income: includes an adjustment from principal to income under Section 75A-5-203. See Utah Code 75A-5-102
• Principal: means property held in trust for distribution to, production of income for, or use by a current or successor beneficiary. See Utah Code 75A-5-102
• Property: includes both real and personal property. See Utah Code 68-3-12.5
• Trust: includes :
            (23)(a)(i) an express trust, private or charitable, with additions to the trust, wherever and however created; and
            (23)(a)(ii) 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 75A-5-102