(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.
(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
(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.
(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.
(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.
(1) Character;
(2) Capacity or incapacity; or
(3) Competency or incompetency.