Florida Statutes
Chapter 738 - Principal and Income
738.301 - When Right to Income Begins and Ends.


(1) 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.
(2) An asset becomes subject to a trust:
(a) On the date the asset is transferred to the trust in the case of an asset that is transferred to a trust during the transferor’s life;
(b) 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
(c) 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.

(3) An asset becomes subject to a successive income interest on the day after the preceding income interest ends, as determined under subsection (4), even if there is an intervening period of administration to wind up the preceding income interest.
(4) 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 fiduciary may distribute income.
History.—s. 1, ch. 2002-42; s. 9, ch. 2012-49.

Structure Florida Statutes

Florida Statutes

Title XLII - Estates and Trusts

Chapter 738 - Principal and Income

738.101 - Short Title.

738.102 - Definitions.

738.103 - Fiduciary Duties; General Principles.

738.104 - Trustee’s Power to Adjust.

738.1041 - Total Return Unitrust.

738.105 - Judicial Control of Discretionary Powers.

738.201 - Determination and Distribution of Net Income.

738.202 - Distribution to Residuary and Remainder Beneficiaries.

738.301 - When Right to Income Begins and Ends.

738.302 - Apportionment of Receipts and Disbursements When Decedent Dies or Income Interest Begins.

738.303 - Apportionment When Income Interest Ends.

738.401 - Character of Receipts.

738.402 - Distribution From Trust or Estate.

738.403 - Business and Other Activities Conducted by Fiduciary.

738.501 - Principal Receipts.

738.502 - Rental Property.

738.503 - Obligation to Pay Money.

738.504 - Insurance Policies and Similar Contracts.

738.601 - Insubstantial Allocations Not Required.

738.602 - Payments From Deferred Compensation Plans, Annuities, and Retirement Plans or Accounts.

738.603 - Liquidating Asset.

738.604 - Minerals, Water, and Other Natural Resources.

738.605 - Timber.

738.606 - Property Not Productive of Income.

738.607 - Derivatives and Options.

738.608 - Asset-Backed Securities.

738.701 - Disbursements From Income.

738.702 - Disbursements From Principal.

738.703 - Transfers From Income to Principal for Depreciation.

738.704 - Transfers From Income to Reimburse Principal.

738.705 - Income Taxes.

738.706 - Adjustments Between Principal and Income Because of Taxes.

738.801 - Apportionment of Expenses; Improvements.

738.802 - Uniformity of Application and Construction.

738.803 - Severability.

738.804 - Application.