{"data":{"id":"us-ky/krs-386.450","jurisdiction":"us-ky","citation":"KRS 386.450","heading":"Definitions for Kentucky Principal and Income Act, KRS 386.450 to","body":"386.504.\nAs used in KRS 386.450 to 386.504:\n(1) \"Accounting period\" means a calendar year unless another twelve (12) month period\nis selected by a fiduciary. The term includes a porti on of a calendar year or other\ntwelve (12) month period that begins when an income interest begins or ends when\nan income interest ends;\n(2) \"Beneficiary\" includes, in the case of a decedent's estate, an heir, legatee, and\ndevisee and, in the case of a tru st, an income beneficiary and a remainder\nbeneficiary;\n(3) \"District Court approval\" means the consent of the District Court having\njurisdiction over the fiduciary, with notice of the request for approval being given to\nall current beneficiaries and all re asonably ascertainable remainder beneficiaries in\nthe oldest generation;\n(4) \"Fiduciary\" means a personal representative or a trustee. The term includes an\nexecutor, administrator, successor personal representative, and public administrator;\n(5) \"Income\" means money or property that a fiduciary receives as current return from a\nprincipal asset. The term includes a portion of receipts from a sale, exchange, or\nliquidation of a principal asset, to the extent provided in Articles 4 and 5 of the\nKentucky Principal and Income Act;\n(6) \"Income beneficiary\" means a person to whom net income of a trust is or may be\npayable;\n(7) \"Income interest\" means the right of an income beneficiary to receive all or part of\nnet income, whether the terms of the trust require it t o be distributed or authorize it\nto be distributed in the trustee's discretion;\n(8) \"Mandatory income interest\" means the right of an income beneficiary to receive net\nincome that the terms of the trust require the fiduciary to distribute;\n(9) \"Net income\"  means the total receipts allocated to income during an accounting\nperiod minus the disbursements made from income during the period, plus or minus\ntransfers under KRS 386.450 to 386.504 to or from income during the period;\n(10) \"Notice\" means written notice of the time and place for a hearing on the request for\nDistrict Court approval that is placed postage prepaid in the United States mail at\nleast thirty (30) days prior to the hearing and addressed to the last known address of\nthe party to receive notice , and may be proved by an affidavit of the fiduciary or\nfiduciary's counsel filed at the hearing stating the name and address to which notice\nwas mailed postage prepaid and the date of the mailing;\n(11) \"Principal\" means property held in trust for distribu tion to a remainder beneficiary\nwhen the trust terminates;\n(12) \"Remainder beneficiary\" means a person entitled to receive principal when an\nincome interest ends;\n(13) \"Terms of a trust\" means the manifestation of the intent of a settlor or decedent with\nrespect to the trust, expressed in a manner that admits of its proof in a judicial\nproceeding, whether by written or spoken words or by conduct;\n(14) \"Trustee\" includes an original, additional, or successor trustee, whether or not\nappointed or confirmed by a court; and\n(15) \"Unitrust\" means both a trust converted into a unitrust KRS 386.454 and a trust\ninitially established as a unitrust. Unless inconsi stent with the terms of the trust or\nwill, KRS 386.454(2)(f), (g), (h), (i), and (m) apply to the unitrust initially so\nestablished.","path":["KRS Chapter 386"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=43167","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:59:16Z","sha256":"3ebd0b38d73d424d7039d112eb333a521e78c1af08486b713e2574fc1e9d14ec","source_id":"us-ky","stale":false,"prev":"us-ky/krs-386.4448","next":"us-ky/krs-386.452"},"notice":"GroundRules: Original legal text. Not legal advice."}