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Arkansas Code Title 28. Wills, Estates, and Fiduciary Relationships § 28-72-705. Beneficiaries--Named in writing--Provision for support--Income

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

(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.

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Cite this article: FindLaw.com - Arkansas Code Title 28. Wills, Estates, and Fiduciary Relationships § 28-72-705. Beneficiaries--Named in writing--Provision for support--Income - last updated March 28, 2024 | https://codes.findlaw.com/ar/title-28-wills-estates-and-fiduciary-relationships/ar-code-sect-28-72-705/

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