California Probate Code 263 – (a) “Creator of the interest” means a person who establishes, …
(a) “Creator of the interest” means a person who establishes, declares, creates, or otherwise brings into existence an interest.
(b) “Creator of the interest” includes, but is not limited to, the following:
Terms Used In California Probate Code 263
- 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.
- Contract: A legal written agreement that becomes binding when signed.
- Donee: The recipient of a gift.
- Donor: The person who makes a gift.
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- Inter vivos: Transfer of property from one living person to another living person.
- Intestate: Dying without leaving a will.
- Person: means an individual, corporation, government or governmental subdivision or agency, business trust, estate, trust, partnership, limited liability company, association, or other entity. See California Probate Code 56
- Testator: A male person who leaves a will at death.
- Trust: includes the following:
California Probate Code 82
- Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. Source: OCC
- Will: includes codicil and any testamentary instrument which merely appoints an executor or revokes or revises another will. See California Probate Code 88
(1) With respect to an interest created by intestate succession, the person dying intestate.
(2) With respect to an interest created under a will, the testator.
(3) With respect to an interest created under a trust, the settlor.
(4) With respect to an interest created by succession to a disclaimed interest, the disclaimant of the disclaimed interest.
(5) With respect to an interest created by virtue of an election to take against a will, the testator.
(6) With respect to an interest created by creation of a power of appointment, the donor.
(7) With respect to an interest created by exercise or nonexercise of a power of appointment, the donee.
(8) With respect to an interest created by an inter vivos gift, the donor.
(9) With respect to an interest created by surviving the death of a depositor of a Totten trust account or P.O.D. account, the deceased depositor.
(10) With respect to an interest created under an insurance or annuity contract, the owner, the insured, or the annuitant.
(11) With respect to an interest created by surviving the death of another joint tenant, the deceased joint tenant.
(12) With respect to an interest created under an employee benefit plan, the employee or other owner of an interest in the plan.
(13) With respect to an interest created under an individual retirement account, annuity, or bond, the owner.
(Enacted by Stats. 1990, Ch. 79.)