(a) An income beneficiary is entitled to net income from the date on which the income
interest begins. An income interest begins on the date specified in the terms of the trust or, if
no date is specified, on the date an asset becomes subject to a trust or successive
(b) An asset becomes subject to a trust:
(1) On the date it is transferred to the trust in the case of an asset that is transferred
to a trust during the transferor's life;
(2) On the date of a testator's death in the case of an asset that becomes subject
to a trust by reason of a will, even if there is an intervening period of administration
of the testator's estate; or
(3) On the date of an individual's death in the case of an asset that is transferred
to a fiduciary by a third party because of the individual's death.
(c) An asset becomes subject to a successive income interest on the day after the
preceding income interest ends, as determined under subsection (d) of this section,
even if there is an intervening period of administration to wind up the preceding
(d) An income interest ends on the day before an income beneficiary dies or another
terminating event occurs or on the last day of a period during which there is no beneficiary
to whom a trustee may distribute income.
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
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