ORS 129.250
UPIA 201. Determination and distribution of net income


After a decedent dies, in the case of an estate, or after an income interest in a trust ends, the following rules apply:

(1)

A fiduciary of an estate or of a terminating income interest shall determine the amount of net income and net principal receipts received from property specifically given to a beneficiary under the rules in ORS 129.270 (UPIA 301. When right to income begins and ends) to 129.425 (UPIA 506. Adjustments between principal and income because of taxes) that apply to trustees and the rules in subsection (5) of this section. The fiduciary shall distribute the net income and net principal receipts to the beneficiary who is to receive the specific property.

(2)

A fiduciary shall determine the remaining net income of a decedent’s estate or a terminating income interest under the rules in ORS 129.270 (UPIA 301. When right to income begins and ends) to 129.425 (UPIA 506. Adjustments between principal and income because of taxes) that apply to trustees and by:

(a)

Including in net income all income from property used to discharge liabilities;

(b)

Paying from income or principal, in the fiduciary’s discretion, fees of attorneys, accountants and fiduciaries, court costs and other expenses of administration and interest on estate taxes, but the fiduciary may pay those expenses from income of property passing to a trust for which the fiduciary claims an estate tax marital or charitable deduction only to the extent that the payment of those expenses from income will not cause the reduction or loss of the deduction; and

(c)

Paying from principal all other disbursements made or incurred in connection with the settlement of a decedent’s estate or the winding up of a terminating income interest, including debts, funeral expenses, disposition of remains, family allowances, and estate taxes and related penalties that are apportioned to the estate or terminating income interest by the will, the terms of the trust or applicable law.

(3)

A fiduciary shall distribute to a beneficiary who receives a pecuniary amount outright the interest or any other amount provided by the will, the terms of the trust or applicable law from net income determined under subsection (2) of this section or from principal to the extent that net income is insufficient. If a beneficiary is to receive a pecuniary amount outright from a trust after an income interest ends and no interest or other amount is provided for by the terms of the trust or applicable law, the fiduciary shall distribute the interest or other amount to which the beneficiary would be entitled under applicable law if the pecuniary amount were required to be paid under a will.

(4)

A fiduciary shall distribute the net income remaining after distributions required by subsection (3) of this section in the manner described in ORS 129.255 (UPIA 202. Distribution to residuary and remainder beneficiaries) to all other beneficiaries, including a beneficiary who receives a pecuniary amount in trust, even if the beneficiary holds an unqualified power to withdraw assets from the trust or other presently exercisable general power of appointment over the trust.

(5)

A fiduciary may not reduce principal or income receipts from property described in subsection (1) of this section because of a payment described in ORS 129.400 (UPIA 501. Disbursements from income) or 129.405 (UPIA 502. Disbursements from principal) to the extent that the will, the terms of the trust or applicable law requires the fiduciary to make the payment from assets other than the property or to the extent that the fiduciary recovers or expects to recover the payment from a third party. The net income and principal receipts from the property are determined by including all of the amounts the fiduciary receives or pays with respect to the property, whether those amounts accrued or became due before, on or after the date of a decedent’s death or an income interest’s terminating event, and by making a reasonable provision for amounts that the fiduciary believes the estate or terminating income interest may become obligated to pay after the property is distributed. [2003 c.279 §5; 2011 c.526 §23]

Source: Section 129.250 — UPIA 201. Determination and distribution of net income, https://www.­oregonlegislature.­gov/bills_laws/ors/ors129.­html.

129.200
UPIA 101. Short title
129.205
UPIA 102. Definitions
129.210
UPIA 103. Fiduciary duties
129.215
UPIA 104. Trustee’s power to adjust
129.220
UPIA 105. Judicial control of discretionary power
129.225
Conversion to unitrust
129.250
UPIA 201. Determination and distribution of net income
129.255
UPIA 202. Distribution to residuary and remainder beneficiaries
129.270
UPIA 301. When right to income begins and ends
129.275
UPIA 302. Apportionment of receipts and disbursements when decedent dies or income interest begins
129.280
UPIA 303. Apportionment when income interest ends
129.300
UPIA 401. Character of receipts
129.305
UPIA 402. Distribution from trust or estate
129.308
UPIA 403. Business and other activities conducted by trustee
129.310
UPIA 404. Principal receipts
129.315
UPIA 405. Rental property
129.320
UPIA 406. Obligation to pay money
129.325
UPIA 407. Insurance policies and similar contracts
129.350
UPIA 408. Insubstantial allocations not required
129.355
UPIA 409. Deferred compensation, annuities and similar payments
129.360
UPIA 410. Liquidating asset
129.365
UPIA 411. Minerals, water and other natural resources
129.370
UPIA 412. Timber
129.375
UPIA 413. Property not productive of income
129.380
UPIA 414. Derivatives and options
129.385
UPIA 415. Asset-backed securities
129.400
UPIA 501. Disbursements from income
129.405
UPIA 502. Disbursements from principal
129.410
UPIA 503. Transfers from income to principal for depreciation
129.415
UPIA 504. Transfers from income to reimburse principal
129.420
UPIA 505. Income taxes
129.425
UPIA 506. Adjustments between principal and income because of taxes
129.450
UPIA 601. Uniformity of application and construction
Green check means up to date. Up to date