Arkansas § 28-72-705 Beneficiaries - Named in writing - Provision for support - Income

Arkansas Statutes

§ 28-72-705 — Beneficiaries - Named in writing - Provision for support - Income

(a)The beneficiary of a spendthrift trust or domestic asset protection trust shall be named or clearly referred to in the document.

(b)No spouse, former spouse, child, or dependent shall be a beneficiary unless the person is named or clearly referred to as a beneficiary in the document.

(c)The provision for the beneficiary shall:

(1)Be for the support, education, maintenance, and benefit of the beneficiary alone;

(2)Be without reference to or limited by:

(A)The beneficiary's needs, station in life, or mode of life; or (B) The needs of any other person, regardless of whether the person is dependent upon the beneficiary; and (3) Extend to all of the income from the trust estate devoted for that purpose by the creator of the trust without exception or deduction other than for:

(A)Costs

Free access — add to your briefcase to read the full text and ask questions with AI

(a) The beneficiary of a spendthrift trust or domestic asset protection trust shall be named or clearly referred to in the document. (b) No spouse, former spouse, child, or dependent shall be a beneficiary unless the person is named or clearly referred to as a beneficiary in the document. (c) The provision for the beneficiary shall: (1) Be for the support, education, maintenance, and benefit of the beneficiary alone; (2) Be without reference to or limited by: (A) The beneficiary's needs, station in life, or mode of life; or (B) The needs of any other person, regardless of whether the person is dependent upon the beneficiary; and (3) Extend to all of the income from the trust estate devoted for that purpose by the creator of the trust without exception or deduction other than for: (A) Costs or fees regularly earned, paid, or incurred by the trustee for the administration or protection of the trust estate; or (B) Taxes paid or incurred by: (i) The trust estate; or (ii) The interest of the beneficiary of the trust. (d) The existence of a spendthrift trust or domestic asset protection trust shall not depend on the beneficiary's: (1) Character; (2) Capacity or incapacity; or (3) Competency or incompetency.

Arkansas § 28-72-705 (Beneficiaries - Named in writing - Provision for support - Income) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.