75-2-201. Definitions.
As used in this part:
(1) "Decedent's nonprobate transfers to others," as used in sections other than Section
75-2-205, means the amounts that are included in the augmented estate under Section 75-2-205.
(2) "Fractional interest in property held in joint tenancy with the right of survivorship,"
whether the fractional interest is unilaterally severable or not, 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 considered 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) "Presently exercisable general power of appointment" means a power of appointment
under which, at the time in question, the decedent, whether or not the decedent then had the
capacity to exercise the power, held a power to create a present or future interest in himself, his
creditors, his estate, or creditors of his estate, and includes a power to revoke or invade the
principal of a trust or other property arrangement.
(7) "Probate estate" means property that would pass by intestate succession if the
decedent died without a valid will.
(8) "Property" includes values subject to a beneficiary designation.
(9) "Right to income" includes a right to payments under a commercial or private annuity,
an annuity trust, a unitrust, or a similar arrangement.
(10) "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 himself and of a power described in Subsection 75-2-205(2)(b) that the decedent
conferred on a nonadverse party.
Repealed and Re-enacted by Chapter 39, 1998 General Session
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Last revised: Thursday, May 28, 2009