(a) An income beneficiary is entitled to net income from the date on which the income interest begins. An income interest begins (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 […]
(a) Unless AS 13.38.500(1) applies, a trustee shall allocate an income receipt or disbursement to principal if its due date occurs before (1) a decedent dies, in the case of an estate; or (2) an income interest begins, in the case of a trust or successive income interest. (b) A trustee shall allocate an income […]
(a) When a mandatory income interest ends, the trustee shall pay to a mandatory income beneficiary who survives that date, or the estate of a deceased mandatory income beneficiary whose death causes the interest to end, the beneficiary’s share of the undistributed income that is not disposed of under the governing instrument unless the beneficiary […]
