Terms Used In Vermont Statutes Title 14 Sec. 3354

• Accounting period: means a calendar year unless another 12-month period is selected by a fiduciary. See
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• 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 , in the case of a decedent's estate, an heir, legatee, and devisee and, in the case of a trust, an income beneficiary and a remainder beneficiary. See
• Contract: A legal written agreement that becomes binding when signed.
• Decedent: A deceased person.
• Income: means money or property that a fiduciary receives as current return from a principal asset. See
• Income interest: means the right of an income beneficiary to receive all or part of net income, whether the terms of the trust require it to be distributed or authorize it to be distributed in the trustee's discretion. See
• Mandatory income interest: means the right of an income beneficiary to receive net income that the terms of the trust require the fiduciary to distribute. See
• Net income: means the total receipts allocated to income during an accounting period minus the disbursements made from income during the period, plus or minus transfers under this chapter to or from income during the period. See
• Principal: means property held in trust for distribution to a remainder beneficiary when the trust terminates. See
• Trustee: A person or institution holding and administering property in trust.
• Trustee: includes an original, additional, or successor trustee, whether or not appointed or confirmed by a court. See