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Arkansas Code Title 28. Wills, Estates, and Fiduciary Relationships § 28-72-602. Settlement of trust

Current as of March 28, 2024 | Updated by Findlaw Staff

(a) A qualified spousal trust may include a trust term that is not inconsistent with the provisions of this subchapter, including without limitation a discretionary power to distribute trust property to a person other than a settlor.

(b)(1) Unless otherwise provided in writing by each settlor who transfers property to a qualified spousal trust, property that is held at any time in a qualified spousal trust, without regard to how the property was titled before the property was held:

(A) Has the same immunity from the claim of a separate creditor of either settlor as if the property were held outside the qualified spousal trust by both settlors as tenants by the entirety; and

(B) Shall be treated as tenants by entirety property for the purpose of immunity from federal and state bankruptcy laws.

(2) Property that is held in a qualified spousal trust is not immune from the claim of a creditor if the marriage of the settlors dissolves.

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Cite this article: FindLaw.com - Arkansas Code Title 28. Wills, Estates, and Fiduciary Relationships § 28-72-602. Settlement of trust - last updated March 28, 2024 | https://codes.findlaw.com/ar/title-28-wills-estates-and-fiduciary-relationships/ar-code-sect-28-72-602/

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