Missouri Laws 469.401 – Definitions
As used in sections 469.401 to 469.467, the following terms mean:
(1) “Accounting period”, 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 Missouri Laws 469.401
- 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
- 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.
- Fiduciary: A trustee, executor, or administrator.
- following: when used by way of reference to any section of the statutes, mean the section next preceding or next following that in which the reference is made, unless some other section is expressly designated in the reference. See Missouri Laws 1.020
- Legatee: A beneficiary of a decedent
- 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: may extend and be applied to bodies politic and corporate, and to partnerships and other unincorporated associations. See Missouri Laws 1.020
- Property: includes real and personal property. See Missouri Laws 1.020
- 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.
- Trustee: A person or institution holding and administering property in trust.
(2) “Beneficiary”, an heir, legatee and devisee of a decedent‘s estate, and an income beneficiary and a remainder beneficiary of a trust, including any type of entity that has a beneficial interest in either an estate or a trust;
(3) “Fiduciary”, a personal representative, trustee, executor, administrator, successor personal representative, special administrator and any other person performing substantially the same function;
(4) “Income”, money or property that a fiduciary receives as current return from a principal asset, including a portion of receipts from a sale, exchange or liquidation of a principal asset, as provided in sections 469.423 to 469.449;
(5) “Income beneficiary”, a person to whom net income of a trust is or may be payable;
(6) “Income interest”, 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;
(7) “Mandatory income interest”, the right of an income beneficiary to receive net income that the terms of the trust require the fiduciary to distribute;
(8) “Net income”, if section 469.411 applies to the trust, the unitrust amount, or if section 469.411 does not apply to the trust, the total receipts allocated to income during an accounting period minus the disbursements made from income during the same period, plus or minus transfers pursuant to sections 469.401 to 469.467 to or from income during the same period;
(9) “Person”, an individual, corporation, business trust, estate, trust, partnership, limited liability company, association, joint venture, government, governmental subdivision, agency, or instrumentality, public corporation or any other legal or commercial entity;
(10) “Principal”, property held in trust for distribution to a remainder beneficiary when the trust terminates;
(11) “Qualified beneficiary”, a beneficiary defined in section 456.1-103;
(12) “Remainder beneficiary”, a person entitled to receive principal when an income interest ends;
(13) “Terms of a trust”, the manifestation of the settlor’s or decedent’s intent expressed in a manner which is admissible as proof in a judicial proceeding, whether by written or spoken words or by conduct;
(14) “Trustee”, an original, additional or successor trustee, whether or not appointed or confirmed by a court;
(15) “Unitrust amount”, net income as defined by section 469.411.