The Vermont Statutes Online
The Statutes below include the actions of the 2025 session of the General Assembly.
NOTE: The Vermont Statutes Online is an unofficial copy of the Vermont Statutes Annotated that is provided as a convenience.
Subchapter
003
:
APPORTIONMENT AT BEGINNING AND END OF INCOME INTEREST
(Cite as: 14 V.S.A. § 3341)
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§ 3341. 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 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.
(b) An asset becomes subject to a trust:
(1) on the date it is transferred to the trust in the case of an asset that is transferred
to a trust during the transferor’s life;
(2) on 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
(3) on 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.
(c) An asset becomes subject to a successive income interest on the day after the preceding
income interest ends, as determined under subsection (d) of this section, even if
there is an intervening period of administration to wind up the preceding income interest.
(d) 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 whom a trustee may distribute income. (Added 2011, No. 114 (Adj. Sess.), § 1.)