Chapter 11.104A RCW

WASHINGTON PRINCIPAL AND INCOME ACT OF 2002

Sections
ARTICLE 1
DEFINITIONS; FIDUCIARY DUTIES AND POWERS; REMEDIES
Short title.
Definitions.
Fiduciary dutiesGeneral principles.
Fiduciary's power to adjust.
Judicial control of discretionary powers.
Power to convert to unitrust.
ARTICLE 2
DECEDENT'S ESTATE OR TERMINATING INCOME INTEREST
Determination and distribution of net income.
Distribution to residuary and remainder beneficiaries.
ARTICLE 3
APPORTIONMENT AT BEGINNING AND END
OF INCOME INTEREST
When right to income begins and ends.
Apportionment of receipts and disbursements when decedent dies or income interest begins.
Apportionment when income interest ends.
ARTICLE 4
ALLOCATION OF RECEIPTS DURING
ADMINISTRATION OF TRUST
PART 1: RECEIPTS FROM ENTITIES
Character of receipts.
Distribution from trust or estate.
Business and other activities conducted by trustee.
PART 2: RECEIPTS NOT NORMALLY APPORTIONED
Principal receipts.
Rental property.
Obligation to pay money.
Insurance policies and similar contracts.
PART 3: RECEIPTS NORMALLY APPORTIONED
Insubstantial allocations not required.
Deferred compensation, annuities, and similar payments.
Liquidating asset.
Minerals, water, and other natural resources.
Timber.
Property not productive of income.
Derivatives and options.
Asset-backed securities.
ARTICLE 5
ALLOCATION OF DISBURSEMENTS DURING
ADMINISTRATION OF TRUST
Disbursements from income.
Disbursements from principal.
Transfers from income to principal for depreciation.
Transfers from income to reimburse principal.
Income taxes.
Adjustments between principal and income because of taxes.
ARTICLE 6
MISCELLANEOUS PROVISIONS
Uniformity of application and construction.
Application of chapter 11.96A RCW.
Severability2002 c 345.
Captions, article and part headings not law2002 c 345.
Effective date2002 c 345.
Application of act to existing trusts and estates.
Transitional matters.
ConstructionChapter applicable to state registered domestic partnerships2009 c 521.