New Mexico Statutes > Chapter 46 > Article 5 – Allocation of Disbursements During Administration of Trust
Current as of: 2023 | Check for updates
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Terms Used In New Mexico Statutes > Chapter 46 > Article 5 - Allocation of Disbursements During Administration of Trust
- 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
- 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.
- Marital deduction: The deduction(s) that can be taken in the determination of gift and estate tax liabilities because of the existence of a marriage or marital relationship.
- 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.
- Personal property: All property that is not real property.
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
- Trustee: A person or institution holding and administering property in trust.
New Mexico Statutes > Chapter 46 > Article 5 – Rights of Powerholder’s Creditors in Appointive Property
Current as of: 2023 | Check for updates
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Terms Used In New Mexico Statutes > Chapter 46 > Article 5 - Rights of Powerholder's Creditors in Appointive Property
- Decedent: A deceased person.
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.