Utah Code > Title 22 > Chapter 3 > Part 6 – Death of Individual or Termination of Income Interest
Current as of: 2023 | Check for updates
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Other versions
| § 22-3-601 | Determination and distribution of net income |
| § 22-3-602 | Distribution to successor beneficiary |
Terms Used In Utah Code > Title 22 > Chapter 3 > Part 6 - Death of Individual or Termination of Income Interest
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- 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
- Decedent: A deceased person.
- Fiduciary: A trustee, executor, or administrator.
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- 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.
- Property: includes both real and personal property. See Utah Code 68-3-12.5
- 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.