Delaware Code > Title 12 > Chapter 61 > Subchapter III – Apportionment at Beginning and End of Income Interest
Current as of: 2023 | Check for updates
|
Other versions
§ 61-301 | When right to income begins and ends |
§ 61-302 | Apportionment of receipts and disbursements when decedent dies or … |
§ 61-303 | Apportionment when income interest ends |
Terms Used In Delaware Code > Title 12 > Chapter 61 > Subchapter III - Apportionment at Beginning and End of Income Interest
- 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
- Civil union: means a legal union between 2 individuals of the same sex established pursuant to this chapter. See Delaware Code Title 13 Sec. 201
- Common law: The legal system that originated in England and is now in use in the United States. It is based on judicial decisions rather than legislative action.
- Decedent: A deceased person.
- 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.
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Party: means the respondent, petitioner, guardian, conservator, or any other person allowed by the Court to participate in a guardianship or protective proceeding. See Delaware Code Title 12 Sec. 39A-101
- State: means the State of Delaware; and when applied to different parts of the United States, it includes the District of Columbia and the several territories and possessions of the United States. See Delaware Code Title 1 Sec. 302
- Testator: A male person who leaves a will at death.
- Trustee: A person or institution holding and administering property in trust.