(a) A spendthrift trust or domestic asset protection trust may not continue for a period longer than permitted under § 18-3-101 et seq. (b) (1) The free alienation of the legal estate by the trustee may not be suspended for a period exceeding the limit prescribed in any constitutional or statutory prohibition against perpetuities existing in the State of Arkansas or in the state where the lands affected by the trust are situated. (2) Notwithstanding subdivision (b)(1) of this section, a contingent remainder in fee may be created on a prior remainder in fee to take effect if the person to whom the first remainder is limited dies under twenty-one (21) years of age, or upon any other contingency by which the estate of that person may be determined before he or she attains twenty-one (21) years of age. Added by Act 2023, No. 291,§ 1, eff. 8/1/2023. (a) A spendthrift trust or domestic asset protection trust may not continue for a period longer than permitted under § 18-3-101 et seq. (b) (1) The free alienation of the legal estate by the trustee may not be suspended for a period exceeding the limit prescribed in any constitutional or statutory prohibition against perpetuities existing in the State of Arkansas or in the state where the lands affected by the trust are situated. (2) Notwithstanding subdivision (b)(1) of this section, a contingent remainder in fee may be created on a prior remainder in fee to take effect if the person to whom the first remainder is limited dies under twenty-one (21) years of age, or upon any other contingency by which the estate of that person may be determined before he or she attains twenty-one (21) years of age. Added by Act 2023, No. 291,§ 1, eff. 8/1/2023. (a) A spendthrift trust or domestic asset protection trust may not continue for a period longer than permitted under § 18-3-101 et seq. (b) (1) The free alienation of the legal estate by the trustee may not be suspended for a period exceeding the limit prescribed in any constitutional or statutory prohibition against perpetuities existing in the State of Arkansas or in the state where the lands affected by the trust are situated. (2) Notwithstanding subdivision (b)(1) of this section, a contingent remainder in fee may be created on a prior remainder in fee to take effect if the person to whom the first remainder is limited dies under twenty-one (21) years of age, or upon any other contingency by which the estate of that person may be determined before he or she attains twenty-one (21) years of age. Added by Act 2023, No. 291,§ 1, eff. 8/1/2023. (a) A spendthrift trust or domestic asset protection trust may not continue for a period longer than permitted under § 18-3-101 et seq. (b) (1) The free alienation of the legal estate by the trustee may not be suspended for a period exceeding the limit prescribed in any constitutional or statutory prohibition against perpetuities existing in the State of Arkansas or in the state where the lands affected by the trust are situated. (2) Notwithstanding subdivision (b)(1) of this section, a contingent remainder in fee may be created on a prior remainder in fee to take effect if the person to whom the first remainder is limited dies under twenty-one (21) years of age, or upon any other contingency by which the estate of that person may be determined before he or she attains twenty-one (21) years of age. (1) The free alienation of the legal estate by the trustee may not be suspended for a period exceeding the limit prescribed in any constitutional or statutory prohibition against perpetuities existing in the State of Arkansas or in the state where the lands affected by the trust are situated. (2) Notwithstanding subdivision (b)(1) of this section, a contingent remainder in fee may be created on a prior remainder in fee to take effect if the person to whom the first remainder is limited dies under twenty-one (21) years of age, or upon any other contingency by which the estate of that person may be determined before he or she attains twenty-one (21) years of age.
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