Terms Used In Delaware Code > Title 12 > Chapter 6 - Disclaimer

• Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
• Ancillary administration: Probate administration of property (usually real property) owned in a State other than the one in which the decedent had his (her) principal residence at the time of death.
• 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.
• Appraisal: A determination of property value.
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
• Attorney-in-fact: A person who, acting as an agent, is given written authorization by another person to transact business for him (her) out of court.
• 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 designation: means a testamentary or nontestamentary instrument or contract, other than an instrument creating a trust, naming the beneficiary of:

  a. See Delaware Code Title 12 Sec. 602

• Code: means the Internal Revenue Code of 1986, as amended (26 U. See Delaware Code Title 12 Sec. 602
• Court: means the Court of Chancery. See Delaware Code Title 12 Sec. 39A-101
• Decedent: A deceased person.
• Disclaimant: means the person to whom a disclaimed interest in property would have passed had the disclaimer not been made, or the person who would have had a power over property or with respect to property, including a power of appointment, had the disclaimer not been made. See Delaware Code Title 12 Sec. 602
• Disclaimed interest: means the interest that would have passed to the disclaimant had the disclaimer not been made. See Delaware Code Title 12 Sec. 602
• Disclaimer: means the refusal to accept an interest in or power over property. See Delaware Code Title 12 Sec. 602
• Donee: The recipient of a gift.
• Fiduciary: A trustee, executor, or administrator.
• Fiduciary: means a personal representative, trustee of a trust, agent acting under a power of attorney, conservator, custodian under a Uniform Transfers to Minors Act [Chapter 45 of this title] or similar statute of any jurisdiction, guardian, or other person authorized to act as a fiduciary with respect to the property or power of another person. See Delaware Code Title 12 Sec. 602
• Holder: means the person holding a power of appointment over an interest in property held in a trust, or holding a power over a trust, who is granted the right or authority to exercise the power of appointment over an interest in property held in a trust or of a power over a trust under the terms of the instrument governing the trust. See Delaware Code Title 12 Sec. 602
• Inter vivos: Transfer of property from one living person to another living person.
• Intestate: Dying without leaving a will.
• Jointly held property: means property held in the name of 2 or more persons under an arrangement in which all owners have concurrent interests and under which the last surviving owner is entitled to the whole of the property. See Delaware Code Title 12 Sec. 602
• Legacy: A gift of property made by will.
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• Local administration: means administration by a personal representative appointed in this State pursuant to appointment proceedings described in this title. See Delaware Code Title 12 Sec. 1561
• Local personal representative: includes any personal representative appointed in this State pursuant to appointment proceedings described in this title and excludes foreign personal representatives who acquire the power of a local personal representative pursuant to § 1566 of this title. See Delaware Code Title 12 Sec. 1561
• owner: shall include a tenant by the entirety. See Delaware Code Title 12 Sec. 602
• Person: means an individual, living, deceased or unborn, ascertained or unascertained, corporation, business trust, statutory trust, estate, trust, partnership, limited liability company, association, joint venture, public corporation, government, or any governmental subdivision, agency, or instrumentality, or any other legal or commercial entity. See Delaware Code Title 12 Sec. 602
• Personal property: All property that is not real property.
• Personal representative: includes executor, administrator, administrator with the will annexed and successor personal representatives and persons who perform substantially the same function under the law governing their status. See Delaware Code Title 12 Sec. 1561
• Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. ^{Source: OCC}
• Probate: Proving a will
• real property: is synonymous with the phrase "lands, tenements and hereditaments. See Delaware Code Title 1 Sec. 302
• Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
• Resident creditor: means a person domiciled in, or doing business in this State, who is, or could be, a claimant against an estate of a nonresident decedent. See Delaware Code Title 12 Sec. 1561
• Revocable trust: A trust agreement that can be canceled, rescinded, revoked, or repealed by the grantor (person who establishes the trust).
• State: means a state of the United States, the District of Columbia, Puerto Rico, the United States Virgin Islands, a federally recognized Indian tribe, or any territory or insular possession subject to the jurisdiction of the United States. See Delaware Code Title 12 Sec. 39A-101
• Tenancy by the entirety: A type of joint tenancy between husband and wife that is recognized in some States. Neither party can sever the joint tenancy relationship; when a spouse dies, the survivor acquires full title to the property.
• Testator: A male person who leaves a will at death.
• Trust: means :

  a. See Delaware Code Title 12 Sec. 602

• Trustee: A person or institution holding and administering property in trust.