Income beneficiary definition
/What is an Income Beneficiary?
An income beneficiary is a person to whom the net income of a trust is or may be payable. Income beneficiaries are identified in the trust agreement of a trust. This person is only entitled to the trust income during the term of the trust, or until a designated event occurs (such as the beneficiary reaching a certain age, such as 21 years old). At this point, the remaining principal in the trust is transferred to one or more remainder beneficiaries.