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Terms Used In Utah Code 22-3-309
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
making distributions in cash or in kind or partly in cash and partly in kind; or
(iii)
correcting an underpayment or overpayment to a beneficiary based on the unitrust amount if there is an error in calculating the unitrust amount;
(b)
specify sources and the order of sources, including categories of income for federal income tax purposes, from which distributions of a unitrust amount are paid; or
(c)
provide other standards and rules the fiduciary determines serve the interests of the beneficiaries.
(2)
If a trust qualifies for a special tax benefit or a fiduciary is not an independent person:
(a)
the unitrust rate established under Section 22-3-306 may not be less than 3% or more than 5%;