469.417. Beneficiary entitled to net income, when--asset subject to trust, when--income interest. - Missouri Statutes

Beneficiary entitled to net income, when--asset subject to trust,when--income interest.

469.417. 1. An income beneficiary is entitled to net income from thedate on which the income interest begins. An income interest begins on thedate specified in the terms of the trust or, if no date is specified, onthe date an asset becomes subject to a trust or successive income interest.

2. An asset becomes subject to a trust:

(1) On the date it is transferred to the trust in the case of anasset 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 thatbecomes subject to a trust by reason of a will, even if there is anintervening period of administration of the testator's estate; or

(3) On the date of an individual's death in the case of an asset thatis transferred to a fiduciary by a third party because of the individual'sdeath.

3. An asset becomes subject to a successive income interest on theday after the preceding income interest ends, as determined pursuant tosubsection 4 of this section, even if there is an intervening period ofadministration to wind up the preceding income interest.

4. An income interest ends on the day before an income beneficiarydies or another terminating event occurs, or on the last day of a periodduring which there is no beneficiary to whom a trustee may distributeincome.

(L. 2001 H.B. 241)