Florida Statutes 738.701 – When right to income begins and ends
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(1) An income beneficiary is entitled to net income in accordance with the terms of the trust from the date an income interest begins. The 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) The trust for the current income beneficiary; or
Terms Used In Florida Statutes 738.701
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Beneficiary: includes :(a) For a trust:1. See Florida Statutes 738.102
- Decedent: A deceased person.
- Estate: means a decedent's estate, including the property of the decedent as the estate is originally constituted and the property of the estate as it exists at any time during administration. See Florida Statutes 738.102
- Fiduciary: A trustee, executor, or administrator.
- Fiduciary: includes a trustee, a trust director as defined in…. See Florida Statutes 738.102
- Income: means money or other property a fiduciary receives as current return from principal. See Florida Statutes 738.102
- Income interest: means the right of a current income beneficiary to receive all or part of net income, whether the terms of the trust require the net income to be distributed or authorize the net income to be distributed in the fiduciary's discretion. See Florida Statutes 738.102
- Net income: means the total allocations during an accounting period to income under the terms of a trust and this chapter minus the disbursements during the period, other than distributions, allocated to income under the terms of the trust and this chapter. See Florida Statutes 738.102
- Settlor: means a person, including a testator, who creates or contributes property to a trust. See Florida Statutes 738.102
- Successive interest: means the interest of a successor beneficiary. See Florida Statutes 738.102
- Successor beneficiary: means a person entitled to receive income or principal or to use property when an income interest or other current interest ends. See Florida Statutes 738.102
- Trust: includes an express trust, whether private or charitable, with additions to the trust, wherever and however created; and a trust created or determined by a judgment or decree under which the trust is to be administered in the manner of an express trust. See Florida Statutes 738.102
(b) A successive interest for a successor beneficiary.(2) An asset becomes subject to a trust under paragraph (1)(a):(a) For an asset that is transferred to the trust during the settlor‘s life, on the date the asset is transferred;(b) For an asset that becomes subject to the trust because of a decedent‘s death, on the date of the decedent’s death, even if there is an intervening period of administration of the decedent’s estate; or(c) For an asset that is transferred to a fiduciary by a third party because of a decedent’s death, on the date of the decedent’s death.(3) An asset becomes subject to a successive interest under paragraph (1)(b) on the day after the preceding income interest ends, as determined under subsection (4), even if there is an intervening period of administration to wind up the preceding income interest.(4) 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 which a fiduciary may or must distribute income.