(a) A beneficiary of a spendthrift trust or domestic asset protection trust has no legal estate in the capital, principal, or corpus of the trust estate unless under the terms of the trust the beneficiary or a person deriving title from the beneficiary is entitled to have it conveyed or transferred to him or her immediately or after a term of years or after a life in being. (b) The income from the corpus is not to be paid to a specific beneficiary or any other beneficiary until any applicable term of years or life passes as described in subsection (a) of this section. Added by Act 2023, No. 291,§ 1, eff. 8/1/2023. (a) A beneficiary of a spendthrift trust or domestic asset protection trust has no legal estate in the capital, principal, or corpus of the trust estate unless under the terms of the trust the beneficiary or a person deriving title from the beneficiary is entitled to have it conveyed or transferred to him or her immediately or after a term of years or after a life in being. (b) The income from the corpus is not to be paid to a specific beneficiary or any other beneficiary until any applicable term of years or life passes as described in subsection (a) of this section. Added by Act 2023, No. 291,§ 1, eff. 8/1/2023. (a) A beneficiary of a spendthrift trust or domestic asset protection trust has no legal estate in the capital, principal, or corpus of the trust estate unless under the terms of the trust the beneficiary or a person deriving title from the beneficiary is entitled to have it conveyed or transferred to him or her immediately or after a term of years or after a life in being. (b) The income from the corpus is not to be paid to a specific beneficiary or any other beneficiary until any applicable term of years or life passes as described in subsection (a) of this section. Added by Act 2023, No. 291,§ 1, eff. 8/1/2023. (a) A beneficiary of a spendthrift trust or domestic asset protection trust has no legal estate in the capital, principal, or corpus of the trust estate unless under the terms of the trust the beneficiary or a person deriving title from the beneficiary is entitled to have it conveyed or transferred to him or her immediately or after a term of years or after a life in being. (b) The income from the corpus is not to be paid to a specific beneficiary or any other beneficiary until any applicable term of years or life passes as described in subsection (a) of this section.
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