Washington Code 19.295.010 – Definitions
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The definitions in this section apply throughout this chapter unless the context clearly requires otherwise.
Terms Used In Washington Code 19.295.010
- Codicil: An addition, change, or supplement to a will executed with the same formalities required for the will itself.
- 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.
- Decedent: A deceased person.
- Inter vivos: Transfer of property from one living person to another living person.
- 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
- Personal property: All property that is not real property.
- Trustor: The person who makes or creates a trust. Also known as the grantor or settlor.
(1) “Estate distribution document” means any one or more of the following documents, instruments, or writings prepared, or intended to be prepared, for a specific person or as marketing materials for distribution to any person, other than documents, instruments, writings, or marketing materials relating to a payable on death account established under *RCW 30.22.040(9) or a transfer on death account established under chapter 21.35 RCW:
(a) Last will and testament or any writing, however designated, that is intended to have the same legal effect as a last will and testament, and any codicil thereto;
(b) Revocable and irrevocable inter vivos trusts and any instrument which purports to transfer any of the trustor‘s current and/or future interest in real or personal property thereto;
(c) Agreement that fixes the terms and provisions of the sale of a decedent‘s interest in any real or personal property at or following the date of the decedent’s death.
(2) “Financial institution” means a bank holding company registered under federal law, a bank, trust company, mutual savings bank, savings bank, savings and loan association or credit union organized under state or federal law, or any affiliate, subsidiary, officer, or employee of a financial institution.
(3) “Gathering information for the preparation of an estate distribution document” means collecting data, facts, figures, records, and other particulars about a specific person or persons for the preparation of an estate distribution document, but does not include the collection of such information for clients in the customary and usual course of financial, tax, and associated planning by a certificate holder or licensee regulated under chapter 18.04 RCW.
(4) “Market” or “marketing” includes every offer, contract, or agreement to prepare or gather information for the preparation of, or to provide, individualized advice about an estate distribution document.
(5) “Person” means any natural person, corporation, partnership, limited liability company, firm, or association.
NOTES:
Reviser’s note: *(1) RCW 30.22.040 was alphabetized pursuant to RCW 1.08.015(2)(k), changing subsection (9) to subsection (18). 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).