Terms Used In California Probate Code 21522

• Fiduciary: means personal representative, trustee, guardian, conservator, attorney-in-fact under a power of attorney, custodian under the California Uniform Transfer To Minors Act (Part 9 (commencing with Section 3900) of Division 4), or other legal representative subject to this code. See California Probate Code 39
• Fiduciary: A trustee, executor, or administrator.
• Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
• Instrument: means a will, a document establishing or modifying a trust, a deed, or any other writing that designates a beneficiary or makes a donative transfer of property. See California Probate Code 45
• Internal Revenue Code: means the Internal Revenue Code of 1986, as amended from time to time. See California Probate Code 21500
• Marital deduction: means the federal estate tax deduction allowed for transfers under Section 2056 of the Internal Revenue Code or the federal gift tax deduction allowed for transfers under Section 2523 of the Internal Revenue Code. See California Probate Code 21520
• 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.
• Marital deduction gift: means a transfer of property that is intended to qualify for the marital deduction. See California Probate Code 21520
• Property: means anything that may be the subject of ownership and includes both real and personal property and any interest therein. See California Probate Code 62