§ 11-A-3.1 When Right to Income Begins and Ends
§ 11-A-3.2 Apportionment of Receipts and Disbursements When Decedent Dies or Income Interest Begins
§ 11-A-3.3 Apportionment When Income Interest Ends

Terms Used In New York Laws > Estates, Powers and Trusts > Article 11-A > Part 3 - Apportionment At Beginning and End of Income Interest

  • Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
  • Arrest: Taking physical custody of a person by lawful authority.
  • 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
  • Decedent: A deceased person.
  • Fiduciary: A trustee, executor, or administrator.
  • Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
  • Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
  • Subpoena: A command to a witness to appear and give testimony.
  • Testator: A male person who leaves a will at death.
  • Trustee: A person or institution holding and administering property in trust.