Income: The earnings from principal, such as interest, rent, and cash dividends. This is a fiduciary trust accounting concept and is not the same as taxable income for income tax purposes.
Intestate: An individual is said to die intestate when he or she dies without a valid will. When this occurs, the decedent’s estate is distributed in accordance with a state’s intestacy law.
Inventory: A list of the assets of a decedent or trust that is filed with the court.
Irrevocable trust: A trust that cannot be terminated or revoked or otherwise modified or amended by the grantor. As modern trust law continues to evolve, however, it may be possible to effect changes to irrevocable trusts through court actions or a process called decanting, which allows the assets of an existing irrevocable trust to be transferred to a new trust with different provisions.