New York Laws > Estates, Powers and Trusts > Article 11-A > Part 1 – Definitions and Fiduciary Duties
Current as of: 2023 |
Check for updates
|
Other versions
| § 11-A-1.1 | Short title |
| § 11-A-1.2 | Definitions |
| § 11-A-1.3 | Fiduciary duties; general principles |
Terms Used In New York Laws > Estates, Powers and Trusts > Article 11-A > Part 1 - Definitions and Fiduciary Duties
- 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.
- Executor: A male person named in a will to carry out the decedent
- Fiduciary: A trustee, executor, or administrator.
- 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.
- 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.