The Family Estate & Legacy Solution Center

Estate Planning Definitions & Glossary

Below is a helpful list of terms and words found on this site or related to estate and trust planning.

Undue Influence

A method to challenge a disposition in a will or trust. A "substantial beneficiary" may be presumed to have engaged in undue influence if the following factors (or some combination of them) are present: (1) he or she has been present at the time a new will was discussed (2) assisted in procuring the attorney who drafted the document; (3) was present during the discussions and or signing (4) assisted in procuring the witnesses to the will; (5) knew of the contents of the new will before it was executed; and (6) is in possession of the document.

Uniform Gifts to Minors Act Account

A method of holding property or assets for the benefit of a minor, which is similar to a trust, but which is governed by state law. Generally speaking, the minor has the ability to take control of the asset and/or withdraw the account at age 18. Contrast with Uniform Transfer to Minors Act Account. One has far less control over this account than one would have acting as a trustee of a trust.

Uniform Transfers to Minors Act Account

A method of holding property or assets for the benefit of a minor, which is similar to a trust, but which is governed by state law. Generally speaking, the minor has the ability to take control of the asset and/or withdraw the account at the age of 21. Contrast with Uniform Gifts to Minors Act Account. One has far less control over this account than one would have acting as a trustee of a trust.

Unitrust Payment

A fluctuating payment based upon a percentage of the fair market value of the assets of the trust. A five percent (5%) unitrust payment on a trust of $100,000 would be $5,000 in year one. If the trust earned $10,000 during that year, the next year's unitrust payment would be $5,250 (5% X $105,000)

Disclaimer: The information contained on this site shall not be construed as legal advice, as the information is general in nature and is not specific to any individual client or jurisdiction. No attorney/client relationship shall be established in the use of this site.While every effort is made to keep the information up to date, there is no warranty, expressed or implied, that the information contained herein is current. One should always consult with his or her own qualified estate planning attorney before acting on any legal or tax matter.