§ 29A-2-201 — Definitions.

In this Part: (1) As used in sections other than § 29A-2-205 , "decedent's nonprobate transfers to others" means the amounts that are included in the augmented estate under § 29A-2-205 . (2) "Fractional interest in property held in joint tenancy with the right of survivorship" means the fraction, the numerator of which is one and the denominator of which, if the decedent was a joint tenant, is one plus the number of joint tenants who survive the decedent and which, if the decedent was not a joint tenant, is the number of joint tenants. (3) "Marriage," as it relates to a transfer by the decedent during marriage, means any marriage of the decedent to the decedent's surviving spouse. (4) "Nonadverse party" means a person who does not have a substantial beneficial interest in the trust or other property arrangement that would be adversely affected by the exercise or nonexercise of the power that the person possesses respecting the trust or other property arrangement. A person having a general power of appointment over property is deemed to have a beneficial interest in the property. (5) "Power" or "power of appointment" includes a power to designate the beneficiary of a beneficiary designation. (6) "Probate estate" means homestead allowance, family allowances, exempt property and property that would pass by intestate succession if the decedent died without a valid will. (7) "Property" includes values subject to a beneficiary designation. (8) "Right to income" includes a right to payments under a commercial or private annuity, an annuity trust, a unitrust, a pension, profit - sharing or other retirement plan or account, or a similar arrangement. (9) "Transfer," as it relates to a transfer by or of the decedent, includes (A) an exercise or release of a presently exercisable general power of appointment held by the decedent, (B) a lapse at death of a presently exercisable general power of appointment held by the decedent, and (C) an exercise, release, or lapse of a general power of appointment that the decedent created in the decedent's own favor and of a power described in § 29A-2-205(2)(ii) that the decedent conferred on a nonadverse party.

Legislative History

SL 1995, ch 167, § 2-201.