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Terms Used In Maryland Code, ESTATES AND TRUSTS 13-301

  • Administrator: includes an executor and a personal representative. See
  • 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
  • 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.
  • Decedent: A deceased person.
  • 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.
  • including: means includes or including by way of illustration and not by way of limitation. See
  • 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.
  • minor: means an individual under the age of 18 years. See
  • Person: includes an individual, receiver, trustee, guardian, personal representative, fiduciary, representative of any kind, corporation, partnership, business trust, statutory trust, limited liability company, firm, association, or other nongovernmental entity. See
  • Personal representative: includes an administrator and an executor. See
  • state: means :

    (1) a state, possession, territory, or commonwealth of the United States; or

    (2) the District of Columbia. See
(a) In this subtitle the following words have the meanings indicated.

(b) “Adult” means an individual who has attained the age of 21 years.

(c) “Broker” means a person lawfully engaged in the business of effecting transactions in securities or commodities for the person’s own account or for the account of others.

(d) “Conservator” means a person appointed or qualified by a court to act as general, limited, or temporary guardian of a minor‘s property or a person legally authorized to perform substantially the same functions.

(e) “Court” means a circuit court, an orphans’ court, or a court exercising the jurisdiction of an orphans’ court.

(f) “Custodial property” means:

(1) Any interest in property transferred to a custodian under this subtitle; and

(2) The income from and proceeds of that interest in property.

(g) “Custodian” means a person so designated under § 13-309 of this subtitle or a successor or substitute custodian designated under § 13-318 of this subtitle.

(h) “Financial institution” means a bank, trust company, savings institution, or credit union chartered and supervised under State or federal law.

(i) “Legal representative” means an individual’s personal representative or conservator.

(j) “Member of the minor’s family” means the minor’s parent, stepparent, spouse, grandparent, brother, sister, uncle, or aunt, whether of the whole or half blood or by adoption.

(k) “Minor” means an individual who has not attained the age of 21 years.

(l) “Person” means an individual, corporation, organization, or other legal entity.

(m) “Personal representative” means an executor, administrator, successor personal representative, or special administrator of a decedent‘s estate or a person legally authorized to perform substantially the same functions.

(n) “Qualified minor’s trust” means a trust, including a trust created by a custodian for the use and benefit of a minor:

(1) Of which a minor is the sole beneficiary during the minor’s lifetime; and

(2) That meets the requirements of § 2503(c) of the Internal Revenue Code and the regulations implementing that section.

(o) “State” includes any state of the United States, the District of Columbia, the Commonwealth of Puerto Rico, and any territory or possession subject to the legislative authority of the United States.

(p) “Transfer” means a transaction that creates custodial property under § 13-309 of this subtitle.

(q) “Transferor” means a person who makes a transfer under this subtitle.