West Virginia Code > Chapter 44B > Article 3 – Apportionment At Beginning and End of Income Interest
Current as of: 2023 | Check for updates
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Other versions
| 44B-3-301 | When right to income begins and ends |
| 44B-3-302 | Apportionment of receipts and disbursements when decedent dies or income interest begins |
| 44B-3-303 | Apportionment when income interest ends |
Terms Used In West Virginia Code > Chapter 44B > Article 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.
- 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
- 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.
- Trustee: A person or institution holding and administering property in trust.