Utah Code 75A-5-701. When right to income begins and ends
Current as of: 2024 | Check for updates
|
Other versions
(1)
Terms Used In Utah Code 75A-5-701
- 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 :(3)(a) for a trust:(3)(a)(i) a current beneficiary, including a current income beneficiary and a beneficiary that may receive only principal;(3)(a)(ii) a remainder beneficiary; and(3)(a)(iii) any other successor beneficiary;(3)(b) for an estate, an heir and devisee; and(3)(c) for a life estate or term interest, a person that holds a life estate, term interest, or remainder, or other interest following a life estate or term interest. See Utah Code 75A-5-102
- Decedent: A deceased person.
- Estate: includes the property of the decedent as the estate is originally constituted and the property of the estate as it exists at any time during administration. See Utah Code 75A-5-102
- Fiduciary: A trustee, executor, or administrator.
- Fiduciary: includes :
(8)(a) a trustee, trust director as defined in Section75-12-102 , personal representative, life tenant, holder of a term interest, and person acting under a delegation from a fiduciary;(8)(b) a person that holds property for a successor beneficiary whose interest may be affected by an allocation of receipts and expenditures between income and principal; and(8)(c) if there are two or more co-fiduciaries, all co-fiduciaries acting under the terms of the trust and applicable law. See Utah Code 75A-5-102- Income: includes a part of receipts from a sale, exchange, or liquidation of a principal asset to the extent provided in Part 4, Allocation of Receipts. See Utah Code 75A-5-102
- Income interest: includes the right of a current beneficiary to use property held by a fiduciary. See Utah Code 75A-5-102
- Net income: includes an adjustment from principal to income under Section
75A-5-203 . See Utah Code 75A-5-102- Settlor: means the same as that term is defined in Section
75-7-103 . See Utah Code 75A-5-102- Successive interest: means the interest of a successor beneficiary. See Utah Code 75A-5-102
- Successor beneficiary: means a person entitled to receive income or principal or to use property when an income interest or other current interest ends. See Utah Code 75A-5-102
- Trust: includes :
(23)(a)(i) an express trust, private or charitable, with additions to the trust, wherever and however created; and(23)(a)(ii) a trust created or determined by judgment or decree under which the trust is to be administered in the manner of an express trust. See Utah Code 75A-5-102(1)(a) An income beneficiary is entitled to net income in accordance with the terms of the trust from the date on which an income interest begins.(1)(b) The income interest begins on the date that is specified in the terms of the trust or, if no date is specified, on the date an asset becomes subject to:(1)(b)(i) the trust for the current income beneficiary; or(1)(b)(ii) a successive interest for a successor beneficiary.(2) An asset becomes subject to a trust under Subsection (1)(b)(i):(2)(a) for an asset that is transferred to the trust during the settlor‘s life, on the date the asset is transferred;(2)(b) for an asset that becomes subject to the trust because of a decedent‘s death, on the date of the decedent’s death, even if there is an intervening period of administration of the decedent’s estate; or(2)(c) for an asset that is transferred to a fiduciary by a third party because of a decedent’s death, on the date of the decedent’s death.(3) An asset becomes subject to a successive interest under Subsection (1)(b)(ii) on the day after the preceding income interest ends, as determined under Subsection (4), even if there is an intervening period of administration to wind up the preceding income interest.(4) An income interest ends on the day before an income beneficiary dies or another terminating event occurs or on the last day of a period during which there is no beneficiary to which a fiduciary is permitted or required to distribute income.