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- Alaska Statutes.
- Title 13. Decedents' Estates, Guardianships, Transfers, and Trusts.
- Chapter 38. Principal and Income of Trusts
- Section 550. When Right to Income Begins and Ends.
previous: Section 510
. Distribution to Residuary and Remainder Beneficiaries.
next: Section 560
. Apportionment of Receipts and Disbursements When Decedent Dies or Income Interest Begins.
AS 13.38.550. When Right to Income Begins and Ends.
- (a) An income beneficiary is entitled to net income from the date on which the income interest begins. An income interest
- (1) on the date specified in the governing instrument; or
- (2) if a date is not specified, on the date an asset becomes subject to a trust or successive income interest.
- (b) An asset becomes subject to a trust on the date
- (1) it is transferred to the trust, in the case of an asset that is transferred to a trust during the transferor's life;
- (2) 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
- (3) of an individual's death, in the case of an asset that is transferred to a fiduciary by a third party because of the
- (c) An asset becomes subject to a successive income interest on the day after the preceding income interest ends, as
determined under (d) of this section, even if there is an intervening period of administration to wind up the preceding
- (d) An income interest ends on
- (1) the day before an income beneficiary dies or another terminating event occurs; or
- (2) the last day of a period during which there is not a beneficiary to whom a trustee may distribute income.
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