Arizona Laws 14-7401. Definitions
In this article, unless the context otherwise requires:
Terms Used In Arizona Laws 14-7401
- Accounting period: means a calendar year unless another twelve month period is selected by a fiduciary and includes a portion of a calendar year or other twelve month period that begins when an income interest begins or ends when an income interest ends. See Arizona Laws 14-7401
- 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 Arizona Laws 14-7401
- 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.
- Court: means the superior court. See Arizona Laws 14-1201
- Decedent: A deceased person.
- Devisee: means a person designated in a will to receive a devise. See Arizona Laws 14-1201
- Executor: A male person named in a will to carry out the decedent
- Fiduciary: A trustee, executor, or administrator.
- Fiduciary: means a personal representative or a trustee and includes an executor, an administrator, a successor personal representative, a special administrator and a person performing substantially the same function. See Arizona Laws 14-7401
- Income: means money or property that a fiduciary receives as current return from a principal asset and includes a portion of receipts from a sale, exchange or liquidation of a principal asset, to the extent provided in sections 14-7410 through 14-7424. See Arizona Laws 14-7401
- Income beneficiary: means a person to whom net income of a trust is or may be payable. See Arizona Laws 14-7401
- Income interest: means 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 Arizona Laws 14-7401
- Legatee: A beneficiary of a decedent
- Month: means a calendar month unless otherwise expressed. See Arizona Laws 1-215
- Net income: means 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 article to or from income during the period. See Arizona Laws 14-7401
- 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: means any individual, corporation, business trust, estate, trust, partnership, limited liability company, association, joint venture, government, governmental subdivision, agency or instrumentality, public corporation or other legal or commercial entity. See Arizona Laws 14-7401
- Personal representative: includes an executor, an administrator, a successor personal representative, a special administrator and persons who perform substantially the same function under the law governing their status. See Arizona Laws 14-1201
- Principal: means property held in trust for distribution to a remainder beneficiary when the trust terminates. See Arizona Laws 14-7401
- Proceeding: includes action at law and suit in equity. See Arizona Laws 14-1201
- Property: includes both real and personal property. See Arizona Laws 1-215
- 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: means a person entitled to receive principal when an income interest ends. See Arizona Laws 14-7401
- Special administrator: means a personal representative as described by sections 14-3614 through 14-3618. See Arizona Laws 14-1201
- Successor personal representative: means a personal representative, other than a special administrator, who is appointed to succeed a previously appointed personal representative. See Arizona Laws 14-1201
- Trust: includes an express trust, private or charitable, with any additions, wherever and however created. See Arizona Laws 14-1201
- Trustee: A person or institution holding and administering property in trust.
- Trustee: includes an original, additional or successor trustee, whether or not appointed or confirmed by a court. See Arizona Laws 14-7401
1. "Accounting period" means a calendar year unless another twelve month period is selected by a fiduciary and includes a portion of a calendar year or other twelve month period that begins when an income interest begins or ends when an income interest ends.
2. "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.
3. "Fiduciary" means a personal representative or a trustee and includes an executor, an administrator, a successor personal representative, a special administrator and a person performing substantially the same function.
4. "Income" means money or property that a fiduciary receives as current return from a principal asset and includes a portion of receipts from a sale, exchange or liquidation of a principal asset, to the extent provided in sections 14-7410 through 14-7424.
5. "Income beneficiary" means a person to whom net income of a trust is or may be payable.
6. "Income interest" means 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.
7. "Mandatory income interest" means the right of an income beneficiary to receive net income that the terms of the trust require the fiduciary to distribute.
8. "Net income" means 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 article to or from income during the period.
9. "Person" means any individual, corporation, business trust, estate, trust, partnership, limited liability company, association, joint venture, government, governmental subdivision, agency or instrumentality, public corporation or other legal or commercial entity.
10. "Principal" means property held in trust for distribution to a remainder beneficiary when the trust terminates.
11. "Remainder beneficiary" means a person entitled to receive principal when an income interest ends.
12. "Terms of a trust" means 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.
13. "Trustee" includes an original, additional or successor trustee, whether or not appointed or confirmed by a court.