Vermont § 3332 - Distribution to residuary and remainder beneficiaries

§ 3332. Distribution to residuary and remainder beneficiaries

• (a) Each beneficiary described in subdivision 3331(4) of this title 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.
  If a fiduciary makes more than one distribution of assets to beneficiaries to whom
  this section applies, each beneficiary, including one who does not receive part of
  the distribution, is entitled, as of each distribution date, to the beneficiary’s
  fractional interest in the net income the fiduciary has received after the date of
  death or terminating event or earlier distribution date, but has not distributed as
  of the current distribution date. (b) In determining a beneficiary’s share of net income, the following rules apply: (1) The beneficiary is entitled to receive a portion of the net income equal to the beneficiary’s
  fractional interest in the undistributed principal assets immediately before the distribution
  date, including assets that later may be sold to meet principal obligations. (2) The beneficiary’s fractional interest in the undistributed principal assets must be
  calculated without regard to property specifically given to a beneficiary and property
  required to pay pecuniary amounts. (3) The beneficiary’s fractional interest in the undistributed principal assets must be
  calculated on the basis of the aggregate value of those assets as of the distribution
  date without reducing the value by any unpaid principal obligation. (4) The distribution date for purposes of this section may be the date as of which the
  fiduciary calculates the value of the assets if that date is reasonably near the date
  on which assets are actually distributed. (c) If a fiduciary does not distribute all of the collected but undistributed net income
  to each person as of a distribution date, the fiduciary shall maintain appropriate
  records showing the interest of each beneficiary in that net income. (d) A fiduciary may apply the rules in this section, to the extent that the fiduciary
  considers it appropriate, to net gain or loss realized after the date of death or
  terminating event or earlier distribution date from the disposition of a principal
  asset if this section applies to the income from the asset. (Added 2011, No. 114 (Adj. Sess.), § 1.)