Vermont § 3341 - When right to income begins and ends

§ 3341. When right to income begins and ends

• (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. (Added 2011, No. 114 (Adj. Sess.), § 1.)