South Dakota § 55-17-1 Arrangement qualifying as special spousal trust.

South Dakota Statutes

§ 55-17-1 — Arrangement qualifying as special spousal trust.

South Dakota·Title 55 FIDUCIARIES AND TRUSTS·Ch. 55-17 SPECIAL SPOUSAL TRUSTS

An arrangement is a South Dakota special spousal trust if one or both spouses in a marriage transfer property to a trust, the trust expressly declares that some or all the property transferred is South Dakota special spousal property as provided in this chapter, and at least one trustee is a qualified person. A South Dakota special spousal trust is enforceable without consideration. Both spouses or either spouse may be a trustee. The trust must be signed by both spouses. The trust may be revocable or irrevocable. For purposes of this section, a qualified person is any person who meets the requirements of §§ 55-3-41 and 55-3-39 , but without regard to whether that person is the transferor.

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An arrangement is a South Dakota special spousal trust if one or both spouses in a marriage transfer property to a trust, the trust expressly declares that some or all the property transferred is South Dakota special spousal property as provided in this chapter, and at least one trustee is a qualified person. A South Dakota special spousal trust is enforceable without consideration. Both spouses or either spouse may be a trustee. The trust must be signed by both spouses. The trust may be revocable or irrevocable. For purposes of this section, a qualified person is any person who meets the requirements of §§ 55-3-41 and 55-3-39 , but without regard to whether that person is the transferor.

South Dakota § 55-17-1 (Arrangement qualifying as special spousal trust.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.