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U

ULTIMATE BENEFICIARY:

A beneficiary of a trust who IS entitled to receive principal of the trust property in final distribution; also called principal ben­eficiary; opposed to immediate beneficiary and 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. See also 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.

W

WILL:

A legally enforceable declaration of a person's wishes in writing regarding matters to be attended to after his death and inoperative until his death. A will usually, but not always, relates to the testator's property is revocable (or amendable by means of a codicil) up to the time of his death and is applicable to the situation which exists at the time of his death.

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