SECTION 738.301. When right to income begins and ends.
Latest version.
1An income beneficiary is entitled to net income from the date on which the income interest begins.
18(1) 19An income interest begins on the date specified in the terms of the trust or, if no date is specified, on the date an asset becomes subject to a trust or successive income interest.
53(2) 54An asset becomes subject to a trust:
61(a) 62On the date the asset is transferred to the trust in the case of an asset that is transferred to a trust during the transferor’s life;
88(b) 89On the date of a testator’s death in the case of an asset that becomes subject to a trust by reason of a will, even if there is an intervening period of administration of the testator’s estate; or
127(c) 128On the date of an individual’s death in the case of an asset that is transferred to a fiduciary by a third party because of the individual’s death.
156(3) 157An asset becomes subject to a successive income interest 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.
196(4) 197An 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 whom a fiduciary may distribute income.
