Section 555.601 – Death or Termination of Trust; Duties of Fiduciary.

555.601 Death or termination of trust; duties of fiduciary. Sec. 201. After the decedent dies, in the case of an estate, or after an income interest in a trust ends, all of the following apply: (a) A fiduciary of an estate or of a terminating income interest shall determine the amount of net income and […]

Section 555.602 – Beneficiary’s Share of Net Income; Determination; Maintenance of Records by Fiduciary.

555.602 Beneficiary’s share of net income; determination; maintenance of records by fiduciary. Sec. 202. (1) Each beneficiary described in section 201(d) is entitled to receive a portion of the net income equal to the beneficiary’s fractional interest in undistributed principal assets, using values as of the distribution date. For purposes of this section, the fiduciary […]