Iowa Code 637.102 – Definitions
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As used in this chapter:
1. “Accounting period” means a calendar year, unless another twelve-month period is selected by a fiduciary. The term includes a portion of a calendar year or other twelve-month period that begins when an income interest begins or ends when an income interest ends.
Terms Used In Iowa Code 637.102
- Accounting period: means a calendar year, unless another twelve-month period is selected by a fiduciary. See Iowa Code 637.102
- 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 Iowa Code 637.102
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Decedent: A deceased person.
- Devisee: means any person designated in a will to receive a disposition of real or personal property. See Iowa Code 633D.2
- Fiduciary: A trustee, executor, or administrator.
- Fiduciary: means a personal representative or a trustee. See Iowa Code 637.102
- Heir: means a person, including the surviving spouse, who is entitled under the statutes of intestate succession to the property of a decedent. See Iowa Code 633D.2
- Income: means money or property a fiduciary receives as the current return from a principal asset. See Iowa Code 637.102
- Income beneficiary: means a person to whom a trust's net income is or may be payable. See Iowa Code 637.102
- Income interest: means an income beneficiary's right to receive all or part of the 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 Iowa Code 637.102
- Legatee: A beneficiary of a decedent
- Net income: means the total receipts allocated to income during an accounting period minus the disbursements made from income during the period. See Iowa Code 637.102
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Person: means an individual, corporation, business trust, estate, trust, partnership, limited liability company, association, joint venture, or any other legal or commercial entity. See Iowa Code 637.102
- Principal: means property held in trust for distribution to a remainder beneficiary when the trust terminates. See Iowa Code 637.102
- property: includes personal and real property. See Iowa Code 4.1
- 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.
- Remainder beneficiary: means a person, including another trust, entitled to receive principal when an income interest ends. See Iowa Code 637.102
- 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 Iowa Code 637.102
- year: means twelve consecutive months. See Iowa Code 4.1
2. “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.
3. “Fiduciary” means a personal representative or a trustee. The term includes an executor, administrator, successor personal representative, special administrator, and a person performing substantially the same function.
4. “Income” means money or property a fiduciary receives as the current return from a principal asset. The term includes a portion of the receipts from a sale, exchange, or liquidation of a principal asset, to the extent provided in subchapter IV.
5. “Income beneficiary” means a person to whom a trust’s net income is or may be payable.
6. “Income interest” means an income beneficiary‘s right to receive all or part of the net income, whether the terms of the trust require it to be distributed or authorize it to be distributed in the trustee‘s discretion.
7. “Mandatory income interest” means an income beneficiary’s right to receive net income that the terms of the trust require the fiduciary to distribute.
8. “Net income” means the total receipts allocated to income during an accounting period minus the disbursements made from income during the period. In this definition, receipts and disbursements include items transferred to or from income during the period under this chapter.
9. “Person” means an individual, corporation, business trust, estate, trust, partnership, limited liability company, association, joint venture, or any other legal or commercial entity. The term does not include a government or governmental subdivision, agency, or instrumentality.
10. “Principal” means property held in trust for distribution to a remainder beneficiary when the trust terminates.
11. “Remainder beneficiary” means a person, including another trust, entitled to receive principal when an income interest ends.
12. “Terms of a trust” means the manifestation of the intent of a settlor or decedent with respect to the trust, expressed in a manner that admits of its proof in a judicial proceeding, whether by written or spoken words or by conduct.
13. “Trustee” includes an original, additional, or successor trustee, whether or not appointed or confirmed by a court.