{"data":{"id":"us-mi/mich.-comp.-laws-555.701","jurisdiction":"us-mi","citation":"Mich. Comp. Laws § 555.701","heading":"Income interest; beginning and ending date; conditions.","body":"Sec. 301.\n\nAn 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.\n\nAn asset becomes subject to a trust on 1 of the following:\n\nThe date it is transferred to the trust in the case of an asset that is transferred to a trust during the transferor's life.\n\nThe 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.\n\nThe 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.\n\nAn asset becomes subject to a successive income interest on the day after the preceding income interest ends, as determined under subsection (4), even if there is an intervening period of administration to wind up the preceding income interest.\n\nAn 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.","path":["MI Code","Chapter 555","Act Act-159-of-2004"],"source_url":"https://www.legislature.mi.gov/Laws/MCL?objectName=mcl-555-701","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:31Z","sha256":"eaf31d7231189e054217580a22591c36e772c4a88961422e5653fa4d4de8b37f","source_id":"us-mi","stale":false,"prev":"us-mi/mich.-comp.-laws-555.602","next":"us-mi/mich.-comp.-laws-555.702"},"notice":"GroundRules: Original legal text. Not legal advice."}