New Jersey § 3b:19b-7

§ 3b:19b-7.

a. An income beneficiary is entitled to net income from the date on which the income

interest begins. 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. b. An asset becomes subject to a trust: (1) on the date it is transferred to the trust in the case of an asset 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 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 (3) 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. c. An asset becomes subject to a successive income interest on the day after the preceding

income interest ends, as determined under subsection d. of this section, even if there

is an intervening period of administration to wind up the preceding income interest. d. 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 trustee may distribute income.