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ESTATE PLANNING GLOSSARYNOTE: This section will help address many of your questions about estate planning. However, the information contained in this section is for educational purposes only and does not serve as legal advice or opinion. Your particular circumstances or changes in the law may affect whether the information in this section applies to you. You should consult with a tax or estate planning professional licensed in your state before using or relying on any of the information in this section.
U ULTIMATE BENEFICIARY: A beneficiary of a trust who is entitled to receive principal of the trust property in final distribution; also called the principal beneficiary (as opposed to immediate beneficiary or income beneficiary). UNFUNDED INSURANCE TRUST: An insurance trust in which the premiums on the policies are to be paid by the insured or by some third person and not by the trustee (to be distinguished from a funded insurance trust). UNIFIED CREDIT: See Applicable Exclusion Amount. UNIFORM SIMULTANEOUS DEATH ACT: An act providing that each person is presumed to be the survivor of the other with respect to testamentary disposition of his property in the event of simultaneous death. UNIFORM TRANSFERS TO MINORS ACT: An act adopted in many states to replace the more restrictive Uniform Gifts to Minors Act which provides a means of transferring property to a minor, wherein the designated custodian has the legal right to act on behalf of the minor without the necessity of a guardianship. The California Uniform Transfers to Minors Act (CUTMA) lets a donor transfer assets to a custodian who will administer the assets until the minor-beneficiary reaches the age of 21 (for lifetime gifts) or the age of 25 (for gifts at death). W WILL: A legally enforceable declaration of a person's wishes in writing regarding matters to be attended to after that person's death and inoperative until such time. A Will is usually revocable (or amendable by means of a codicil) up to the time of the person's death. |
