§ 19-3A-101 Short title
§ 19-3A-102 Definitions
§ 19-3A-103 Fiduciary duties; general principles
§ 19-3A-104 Trustee’s power to adjust
§ 19-3A-105 Express unitrusts
§ 19-3A-106 Conversion to unitrust

Terms Used In Alabama Code > Title 19 > Chapter 3A > Article 1 - Definitions and Fiduciary Duties

  • ACCOUNTING PERIOD: A calendar year unless another 12-month period is selected by a fiduciary. See Alabama Code 19-3A-102
  • 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
  • beneficiary: Includes, in the case of a decedent's estate, an heir, legatee, and devisee and, in the case of a trust, an income beneficiary and a remainder beneficiary. See Alabama Code 19-3A-102
  • Charity: An agency, institution, or organization in existence and operating for the benefit of an indefinite number of persons and conducted for educational, religious, scientific, medical, or other beneficent purposes.
  • Conviction: A judgement of guilt against a criminal defendant.
  • 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.
  • Executor: A male person named in a will to carry out the decedent
  • Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
  • Fiduciary: A trustee, executor, or administrator.
  • fiduciary: A personal representative or a trustee. See Alabama Code 19-3A-102
  • Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
  • income: Money or property that a fiduciary receives as current return from a principal asset. See Alabama Code 19-3A-102
  • INCOME BENEFICIARY: A person to whom net income of a trust is or may be payable. See Alabama Code 19-3A-102
  • INCOME INTEREST: The right of an income beneficiary to receive all or part of net income, whether the terms of the trust require it to be distributed or authorize it to be distributed in the trustee's discretion. See Alabama Code 19-3A-102
  • Legatee: A beneficiary of a decedent
  • MANDATORY INCOME INTEREST: The right of an income beneficiary to receive net income that the terms of the trust require the fiduciary to distribute. See Alabama Code 19-3A-102
  • Marital deduction: The deduction(s) that can be taken in the determination of gift and estate tax liabilities because of the existence of a marriage or marital relationship.
  • Misdemeanor: Usually a petty offense, a less serious crime than a felony, punishable by less than a year of confinement.
  • NET INCOME: The total receipts allocated to income during an accounting period minus the disbursements made from income during the period, plus or minus transfers under this chapter to or from income during the period. See Alabama Code 19-3A-102
  • 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: An individual, corporation, business trust, estate, trust, partnership, limited liability company, association, joint venture, government, governmental subdivision, agency, or instrumentality, public corporation, or any other legal or commercial entity. See Alabama Code 19-3A-102
  • person: An individual, corporation, association, partnership, or other entity. See Alabama Code 34-35-1
  • PRESUMPTIVE REMAINDER BENEFICIARY: Those persons who would be entitled to the principal of a trust if the income interest were immediately terminated, and if a trust contains a power of appointment, the holder of such power of appointment shall also be a presumptive remainder beneficiary. See Alabama Code 19-3A-102
  • principal: Property transferred to or acquired by a fiduciary and held in trust for distribution to a remainder beneficiary when an income interest ends. See Alabama Code 19-3A-102
  • Probate: Proving a will
  • Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
  • REMAINDER BENEFICIARY: A person entitled to receive principal when an income interest ends. See Alabama Code 19-3A-102
  • Service of process: The service of writs or summonses to the appropriate party.
  • TERMS OF A TRUST: The manifestation of the intent of a settlor or decedent with respect to the trust, expressed in a manner that admits of its proof in a judicial proceeding, whether by written or spoken words or by conduct. See Alabama Code 19-3A-102
  • Testator: A male person who leaves a will at death.
  • TRANSIENT BUSINESS: Any business conducted for the sale of merchandise or services that is carried on in any building, structure, motor vehicle, railroad car, or real property for a period of less than six months in each year. See Alabama Code 34-35-1
  • TRANSIENT MERCHANT: Any person that transacts transient business in this state either in one locality or by traveling from place to place in this state. See Alabama Code 34-35-1
  • Trustee: A person or institution holding and administering property in trust.
  • trustee: An original, additional, or successor trustee, whether or not appointed or confirmed by a court. See Alabama Code 19-3A-102
  • UNITRUST AMOUNT: An amount determined annually equal to a percentage (specified by the provisions of the governing instrument, the written notice referenced in Section 19-3A-106(a), the written instrument referenced in Section 19-3A-106(b), or the order of the court referenced in Section 19-3A-106(c), whichever is applicable) of the net fair market value of the trust assets, whether determined annually or averaged over a designated multiple year smoothing period. See Alabama Code 19-3A-102
  • writing: includes typewriting and printing on paper. See Alabama Code 1-1-1