Vermont § 3322 - Definitions As used in this chapter: (1) “Accounting period” means a calendar year unless another 12-month period is selected by a fiduciary

§ 3322. Definitions As used in this chapter: (1) “Accounting period” means a calendar year unless another 12-month period is selected by a fiduciary

• . The term includes a portion of a calendar year or other 12-month period
  that begins when an income interest begins or ends when an income interest ends. (2) “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. (3) “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. (4) “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 subchapter 4 of this
  chapter. (5) “Income beneficiary” means a person to whom net income of a trust is or may be payable. (6) “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. (7) “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. (8) “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 chapter to or from income during the period. (9) “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. (10) “Principal” means property held in trust for distribution to a remainder beneficiary
  when the trust terminates. (11) “Remainder beneficiary” means a person entitled to receive principal when an income
  interest ends. (12) “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. (13) “Trustee” includes an original, additional, or successor trustee, whether or not appointed
  or confirmed by a court. (Added 2011, No. 114 (Adj. Sess.), § 1.)