New Jersey Statutes 3B:19B-11. Distribution from trust or estate
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Terms Used In New Jersey Statutes 3B:19B-11
- Decedent: A deceased person.
- Donor: The person who makes a gift.
- Estate: means all of the property of a decedent, minor or incapacitated individual, trust or other person whose affairs are subject to this title as the property is originally constituted and as it exists from time to time during administration. See New Jersey Statutes 3B:1-1
- Trustee: A person or institution holding and administering property in trust.
11. Distribution from Trust or Estate. A trustee shall allocate to income an amount received as a distribution of income from a trust or an estate in which the trust has an interest other than a purchased interest, and shall allocate to principal an amount received as a distribution of principal from such a trust or estate. If a trustee purchases an interest in a trust that is an investment entity, or a decedent or donor transfers an interest in such a trust to a trustee, section 10 or 23 of this act applies to a receipt from the trust.
L.2001,c.212,s.11.