Arizona Laws 14-7425. Disbursements from income
A trustee shall make the following disbursements from income to the extent that they are not disbursements to which section 14-7405, paragraph 2, subdivision (b) or (c) applies:
Terms Used In Arizona Laws 14-7425
- including: means not limited to and is not a term of exclusion. See Arizona Laws 1-215
- Income: means money or property that a fiduciary receives as current return from a principal asset and includes a portion of receipts from a sale, exchange or liquidation of a principal asset, to the extent provided in sections 14-7410 through 14-7424. See Arizona Laws 14-7401
- 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 Arizona Laws 14-7401
- Person: means any individual, corporation, business trust, estate, trust, partnership, limited liability company, association, joint venture, government, governmental subdivision, agency or instrumentality, public corporation or other legal or commercial entity. See Arizona Laws 14-7401
- Principal: means property held in trust for distribution to a remainder beneficiary when the trust terminates. See Arizona Laws 14-7401
- Proceeding: includes action at law and suit in equity. See Arizona Laws 14-1201
- Property: includes both real and personal property. See Arizona Laws 1-215
- Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
- Trust: includes an express trust, private or charitable, with any additions, wherever and however created. See Arizona Laws 14-1201
- 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 Arizona Laws 14-7401
1. One-half of the regular compensation of the trustee and of any person providing investment advisory or custodial services to the trustee, whether based on a percentage of income or principal, a fixed amount or an hourly charge.
2. One-half of all expenses for accountings, regularly recurring income tax preparation services, judicial proceedings or other matters that involve both the income and remainder interests.
3. All of the other ordinary expenses incurred in connection with the administration, management or preservation of trust property and the distribution of income, including interest, ordinary repairs, regularly recurring taxes assessed against principal and expenses of a proceeding or other matter that concerns primarily the income interest.
4. Recurring premiums on insurance covering the loss of a principal asset or the loss of income from or use of the asset.