Ohio Code § 5812.01

§ 5812.01.

As used in sections 5812.01 to 5812.52 of the Revised Code : (A) “ Accounting period ” means a calendar year unless another twelve-month period is selected by a fiduciary.

“ Accounting period ” includes a portion of a calendar year or other twelve-month period that begins when

an income interest begins or ends when an income interest ends. (B) “ Beneficiary ” includes, in the case of a decedent's estate, an heir, legatee, and devisee and,

in the case of a trust, an income beneficiary and a remainder beneficiary. (C) “ Fiduciary ” means a personal representative or a trustee.  The term includes an executor, administrator, successor personal representative,

special administrator, and a person performing substantially the same function. (D) “ Income ” means money or property that a fiduciary receives as current return from a principal

asset. “ Income ” includes a portion of receipts from a sale, exchange, or liquidation of a principal

asset, to the extent provided in sections 5812.18 to 5812.38 of the Revised Code . (E) “ Income beneficiary ” means a person to whom net income of a trust is or may be payable. (F) “ Income interest ” means the right of an income beneficiary to receive all or part of net income, whether

the terms of the trust require or authorize it to be distributed in the trustee's

discretion. (G) “ Mandatory income interest ” means the right of an income beneficiary to receive net income that the terms of

the trust require the fiduciary to distribute. (H) “ Net income ” means the total receipts allocated to income during an accounting period minus the

disbursements made from income during the period, plus or minus transfers under sections 5812.01 to 5812.52 of the Revised Code to or from income during the period. (I) “ Person ” means an individual, corporation, business trust, estate, trust, partnership, limited

liability company, association, joint venture, or government;  governmental subdivision,

agency, or instrumentality;  public corporation;  or any other legal or commercial

entity. (J) “ Principal ” means property held in trust for distribution to a remainder beneficiary when the

trust terminates. (K) “ Remainder beneficiary ” means a person entitled to receive principal when an income interest ends. (L) “ Terms of a trust ” means the manifestation of the intent of a settlor or decedent with respect to the

trust, expressed in a manner that admits of its proof in a judicial proceeding, whether

by written or spoken words or by conduct. (M) “ Trustee ” includes an original, additional, or successor trustee, whether or not appointed

or confirmed by a court.