§ 2-3-802 — Definitions

Wyoming § 2-3-802

• Jurisdiction: Wyoming
• Title 02: Wills, Decedents' Estates and Probate Code
• Ch. 3: FIDUCIARIES
• Art. 8: PRINCIPAL AND INCOME

Text

(a) As used in this act:
(i) "Accounting period" means a calendar year unless
another twelve-month period is selected by a fiduciary. The term
includes a portion of a calendar year or other twelve-month
period that begins when an income interest begins or ends when
an income interest ends;
(ii) "Beneficiary" includes, in the case of a
decedent's estate, an heir, legatee and devisee and, in the case
of a trust, an income beneficiary and a remainder beneficiary;
(iii) "Fiduciary" means a personal representative or
a trustee. The term includes an executor, administrator,
successor personal representative, special administrator and a
person performing substantially the same function;
(iv) "Income" means money or property that a
fiduciary receives as current return from a principal asset. The
term includes a portion of receipts from a sale, exchange or
liquidation of a principal asset, to the extent provided in W.S.
2-3-811 through 2-3-825;
(v) "Income beneficiary" means a person to whom net
income of a trust is or may be payable;
(vi) "Income interest" means the right of an income
beneficiary to receive all or part of net income, whether the
terms of the trust require it to be distributed or authorize it
to be distributed in the trustee's discretion;
(vii) "Mandatory income interest" means the right of
an income beneficiary to receive net income that the terms of
the trust require the fiduciary to distribute;
(viii) "Net income" means the total receipts
allocated to income during an accounting period minus the
disbursements made from income during the period, plus or minus
transfers under this act to or from income during the period;
(ix) "Person" means an individual, corporation,
business trust, estate, trust, partnership, limited liability
company, association, joint venture; government, governmental
subdivision, agency or instrumentality; public corporation; or
any other legal or commercial entity;
(x) "Principal" means property held in trust for
distribution to a remainder beneficiary when the trust
terminates;
(xi) "Remainder beneficiary" means a person entitled
to receive principal when an income interest ends;
(xii) "Terms of a trust" means the manifestation of
the intent of a settlor or decedent with respect to the trust,
expressed in a manner that admits of its proof in a judicial
proceeding, whether by written or spoken words or by conduct;
(xiii) "Trustee" includes an original, additional or
successor trustee, whether or not appointed or confirmed by a
court;
(xiv) "This act" means W.S. 2-3-801 through 2-3-834.