Ohio Code 5812.12 – When right to income begins and ends
(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 income interest.
Terms Used In Ohio Code 5812.12
- Another: when used to designate the owner of property which is the subject of an offense, includes not only natural persons but also every other owner of property. See Ohio Code 1.02
- 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
- Fiduciary: A trustee, executor, or administrator.
- Testator: A male person who leaves a will at death.
- Trustee: A person or institution holding and administering property in trust.
(B) An asset becomes subject to a trust on any of the following dates:
(1) 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) 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;
(3) 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 division (D) of this section, even if there is an intervening period of administration to wind up the preceding income interest.
(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.