Terms Used In Idaho Code > Title 68 > Chapter 13 - Idaho Uniform Custodial Trust Act

• Adult: means an individual who is at least eighteen (18) years of age. See Idaho Code 68-1301
• Beneficiary: means an individual for whom property has been transferred to or held under a declaration of trust by a custodial trustee for the individual’s use and benefit under this chapter. See Idaho Code 68-1301
• Conservator: means a person appointed or qualified by a court to manage the estate of an individual or a person legally authorized to perform substantially the same functions. See Idaho Code 68-1301
• Contract: A legal written agreement that becomes binding when signed.
• 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 district court of this state. See Idaho Code 68-1301
• Custodial trust property: means an interest in property transferred to or held under a declaration of trust by a custodial trustee under this chapter and the income from and proceeds of that interest. See Idaho Code 68-1301
• Custodial trustee: means a person designated as trustee of a custodial trust under this chapter or a substitute or successor to the person designated. See Idaho Code 68-1301
• Deed: The legal instrument used to transfer title in real property from one person to another.
• Donee: The recipient of a gift.
• Executor: A male person named in a will to carry out the decedent
• Fraud: Intentional deception resulting in injury to another.
• Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
• Guardian: means a person appointed or qualified by a court as a guardian of an individual, including a limited guardian, but not a person who is only a guardian ad litem. See Idaho Code 68-1301
• Incapacitated: means lacking the ability to manage property and business affairs effectively by reason of mental illness, mental disability, physical illness or disability, chronic use of drugs, chronic intoxication, confinement, detention by a foreign power, disappearance, minority, or other disabling cause. See Idaho Code 68-1301
• Legal representative: means a personal representative or conservator. See Idaho Code 68-1301
• 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 an individual, corporation, business trust, estate, trust, partnership, joint venture, association, or any other legal or commercial entity. See Idaho Code 68-1301
• Personal representative: means an executor, administrator, or special administrator of a decedent’s estate, a person legally authorized to perform substantially the same functions, or a successor to any of them. See Idaho Code 68-1301
• 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}
• Right of survivorship: The ownership rights that result in the acquisition of title to property by reason of having survived other co-owners.
• Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
• State: means a state, territory, or possession of the United States, the District of Columbia, or the Commonwealth of Puerto Rico. See Idaho Code 68-1301
• Tort: A civil wrong or breach of a duty to another person, as outlined by law. A very common tort is negligent operation of a motor vehicle that results in property damage and personal injury in an automobile accident.
• Transferor: means a person who creates a custodial trust by transfer or declaration. See Idaho Code 68-1301
• Trust company: means a financial institution, corporation, or other legal entity, authorized to exercise general trust powers. See Idaho Code 68-1301