Terms Used In Utah Code > Title 75A > Chapter 5 > Part 6 - Death of Individual or Termination of Income Interest

• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• 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
• Court: means a court in this state with jurisdiction over a trust or estate, or a life estate or other term interest described in Subsection 75A-5-103(2). See Utah Code 75A-5-102
• Decedent: A deceased person.
• Distribution: means a payment or transfer by a fiduciary to a beneficiary in the beneficiary's capacity as a beneficiary, made under the terms of the trust, without consideration other than the beneficiary's right to receive the payment or transfer under the terms of the trust. See Utah Code 75A-5-102
• Equal: means , with respect to biological sex, of the same value. See Utah Code 68-3-12.5
• 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
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• Net income: includes an adjustment from principal to income under Section 75A-5-203. See Utah Code 75A-5-102
• Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
• 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
• 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.
• Terms of a trust: means :
       (22)(a) except as otherwise provided in Subsection (22)(b), the manifestation of the settlor's intent regarding a trust's provisions as:

            (22)(a)(i) expressed in the trust instrument; or

            (22)(a)(ii) established by other evidence that would be admissible in a judicial proceeding;
       (22)(b) the trust's provisions as established, determined, or amended by:

            (22)(b)(i) a trustee or trust director in accordance with applicable law;

            (22)(b)(ii) a court order; or

            (22)(b)(iii) a nonjudicial settlement agreement under Section 75-7-110;
       (22)(c) for an estate, a will; or
       (22)(d) for a life estate or term interest, the corresponding manifestation of the rights of the beneficiaries. See Utah Code 75A-5-102
• 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