Washington Code 11.86.011 – Definitions
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Unless the context clearly requires otherwise, the definitions in this section apply throughout this chapter.
Terms Used In Washington Code 11.86.011
- 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.
- 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
- Contract: A legal written agreement that becomes binding when signed.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Electronic: means relating to technology having electrical, digital, magnetic, wireless, optical, electromagnetic, or similar capabilities. See Washington Code 11.02.005
- Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- Inter vivos: Transfer of property from one living person to another living person.
- 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.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- person: may be construed to include the United States, this state, or any state or territory, or any public or private corporation or limited liability company, as well as an individual. See Washington Code 1.16.080
(1) “Beneficiary” means the person entitled, but for the person’s disclaimer, to take an interest.
(2) “Creator of the interest” means a person who establishes, declares, or otherwise creates an interest.
(3)(a) “Date of the transfer” means:
(i) For an inter vivos transfer, the date of the creation of the interest; or
(ii) For a transfer upon the death of the creator of the interest, the date of the death of the creator.
(b) A joint tenancy interest of a deceased joint tenant is deemed to be transferred at the death of the joint tenant rather than at the creation of the joint tenancy.
(4) “Disclaimant” means a beneficiary who executes a disclaimer on his or her own behalf or a person who executes a disclaimer on behalf of a beneficiary.
(5) “Disclaimer” means any writing which declines, refuses, renounces, or disclaims any interest that would otherwise be taken by a beneficiary.
(6) “Interest” includes the whole of any property, real or personal, legal or equitable, or any fractional part, share, or particular portion or specific assets thereof, any vested or contingent interest in any such property, any power to appoint, consume, apply, or expend property, or any other right, power, privilege, or immunity relating to property. “Interest” includes, but is not limited to, an interest created in any of the following manners:
(a) By intestate succession;
(b) Under a will;
(c) Under a trust;
(d) By succession to a disclaimed interest;
(e) By virtue of an election to take against a will;
(f) By creation of a power of appointment;
(g) By exercise or nonexercise of a power of appointment;
(h) By an inter vivos gift, whether outright or in trust;
(i) By surviving the death of a depositor of a trust or P.O.D. account within the meaning of *RCW 30.22.040;
(j) Under an insurance or annuity contract;
(k) By surviving the death of another joint tenant;
(l) Under an employee benefit plan;
(m) Under an individual retirement account, annuity, or bond;
(n) Under a community property agreement;
(o) By surviving the death of a transferor of a transfer on death deed; or
(p) Any other interest created by any testamentary or inter vivos instrument or by operation of law.
(7) “Person” means an individual, corporation, government, governmental subdivision or agency, business trust, estate, trust, partnership, association, or other entity.
NOTES:
Reviser’s note: *(1) RCW 30.22.040 was recodified as RCW 30A.22.040 pursuant to 2014 c 37 § 4, effective January 5, 2015.
(2) The definitions in this section have been alphabetized pursuant to RCW 1.08.015(2)(k).