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Terms Used In Utah Code 22-3-308
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
(a)
A unitrust policy shall provide the period used under Sections 22-3-306 and 22-3-307.
(b)
Except as otherwise provided in Subsection 22-3-309(2)(c), the period may be:
(i)
a calendar year;
(ii)
a 12-month period other than a calendar year;
(iii)
a calendar quarter;
(iv)
a three-month period other than a calendar quarter; or
(v)
another period.
(2)
Except as otherwise provided in Subsection 22-3-309(2), a unitrust policy may provide standards for:
the trust was not in existence in a preceding period; or
(ii)
fair market values are not available for a preceding period; and
(c)
prorating the unitrust amount on a daily basis for a part of a period in which the trust or the administration of the trust as a unitrust or the interest of any beneficiary commences or terminates.
