(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. Added by Act 2023, No. 291,§ 1, eff. 8/1/2023. (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. Added by Act 2023, No. 291,§ 1, eff. 8/1/2023. (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. Added by Act 2023, No. 291,§ 1, eff. 8/1/2023. (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. (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 (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. (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. (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. (1) Character; (2) Capacity or incapacity; or (3) Competency or incompetency.
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