Title 28 — — Appendix Administrative Order Number 12 — Official Probate Forms
41 chapters · 852 sections in this title.
Ark. Code Ann. § 28-72-704 Powers of settlor
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(a) The settlor of a spendthrift trust or domestic asset protection trust has only the powers and rights that are conferred to the settlor by the trust instrument. (b) An agreement or understanding, express or implied, between the settlor and the trustee that attempts to grant or…
Ark. Code Ann. § 28-72-705 Beneficiaries — Named in writing — Provision for support — Income
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(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 …
Ark. Code Ann. § 28-72-706 Discretion of trustee
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(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 domesti…
Ark. Code Ann. § 28-72-707 Restraints on alienation — Exclusive jurisdiction of court
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(a) (1) A spendthrift trust or domestic asset protection trust restrains and prohibits the assignment, alienation, acceleration, and anticipation of any interest of the beneficiary under the trust by the voluntary or involuntary act of the beneficiary, by operation of law, or any…
Ark. Code Ann. § 28-72-708 Legal estate of beneficiary in corpus
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(a) A beneficiary of a spendthrift trust or domestic asset protection trust has no legal estate in the capital, principal, or corpus of the trust estate unless under the terms of the trust the beneficiary or a person deriving title from the beneficiary is entitled to have it conv…
Ark. Code Ann. § 28-72-709 Perpetuities
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(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 constitut…
Ark. Code Ann. § 28-72-710 Accumulation of income
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(a) The accumulation of income of trust property may be directed in the document creating a spendthrift trust or domestic asset protection trust for the benefit of one (1) or more beneficiaries to commence within the time permitted for the vesting of a future interest, but shall …
Ark. Code Ann. § 28-72-711 Alternate provisions — Discretion of settlor
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A settlor of a spendthrift trust or domestic asset protection trust may by a document creating a spendthrift trust or domestic asset protection trust make separate, different, or alternate provisions other than what is set forth in §§ 28-72-701 — 28-72-710, so long as the settlor…
Ark. Code Ann. § 28-72-712 Transfer of property to trust — Actions against advisers, settlors, and trustees — Limitations
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(a) A person may not bring an action with respect to a transfer of property to a spendthrift trust or domestic asset protection trust if the person:(1) Is a creditor when the transfer is made, unless the action is commenced within:(A) Two (2) years after the transfer is made; or(…
Ark. Code Ann. § 28-72-713 Trust administered under laws of another state or jurisdiction
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(a) A trust administered under the laws of another state or another jurisdiction is a spendthrift trust or domestic asset protection trust under this subchapter if the:(1) Trustee of the trust complies with the requirements set forth in the trust instrument and the requirements o…
Ark. Code Ann. § 28-72-714 Applicability to trust or estate
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This subchapter applies to a trust or estate existing or created on or after August 1, 2023, except as otherwise expressly provided in the terms of the trust or this subchapter.