Terms Used In Vermont Statutes > Title 14 > Chapter 118 > Subchapter 5 - Allocation of Disbursements During Administration of Trust

• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• 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
• 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}
• Common law: The legal system that originated in England and is now in use in the United States. It is based on judicial decisions rather than legislative action.
• Decedent: A deceased person.
• Fiduciary: means a personal representative or a trustee. See
• Fiduciary: A trustee, executor, or administrator.
• following: when used by way of reference to a section of the law shall mean the next preceding or following section. See
• Income: means money or property that a fiduciary receives as current return from a principal asset. See
• Income beneficiary: means a person to whom net income of a trust is or may be payable. See
• 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
• Marital deduction: The deduction(s) that can be taken in the determination of gift and estate tax liabilities because of the existence of a marriage or marital relationship.
• Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
• Person: means 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. See
• Personal property: All property that is not real property.
• Principal: means property held in trust for distribution to a remainder beneficiary when the trust terminates. See
• Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
• 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: includes an original, additional, or successor trustee, whether or not appointed or confirmed by a court. See
• Trustee: A person or institution holding and administering property in trust.