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Arkansas Code Title 28. Wills, Estates, and Fiduciary Relationships § 28-72-706. Discretion of trustee

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

(a) The trustee's discretionary power is absolute, regardless of whether a valid provision for the accumulation of trust income is made or if the provision relates to the trust income from real or personal property, in all cases where the creator of a spendthrift trust or domestic asset protection trust:

(1) Indicates the sum to be applied for or paid to the beneficiary or makes the application or payment of sums for or to the beneficiary at the discretion of the trustee;

(2) Makes the amount of trust income to be applied for or paid to the beneficiary at the discretion of the trustee; or

(3) Gives the trustee the discretion to pay all or any part of the trust income to one (1) or more of the beneficiaries.

(b) A trustee's discretion under subsection (a) of this section shall not be interfered with for any consideration of the needs, station in life, or mode of life of the beneficiary, or for any uncertainty or pretext.

(c) The trustee of a spendthrift trust or domestic asset protection trust is required to disregard and defeat an assignment or other act, voluntary or involuntary, that is attempted contrary to the provisions of this subchapter.

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Cite this article: FindLaw.com - Arkansas Code Title 28. Wills, Estates, and Fiduciary Relationships § 28-72-706. Discretion of trustee - last updated March 28, 2024 | https://codes.findlaw.com/ar/title-28-wills-estates-and-fiduciary-relationships/ar-code-sect-28-72-706/

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