Title 28 — — Appendix Administrative Order Number 12 — Official Probate Forms

The circuit courts of this state shall have jurisdiction of the estates of persons imprisoned in a foreign country and of the estates of missing persons.

(a) It shall be the duty of the circuit courts to appoint some suitable person trustee of the estate of any person imprisoned in some foreign country or who may be missing and whose whereabouts are unknown, and who has a family or dependents residing in this state. (b) The truste…

(a) Any trustee so appointed by the circuit court of this state shall have authority to collect and receive and give a receipt for all sums of money or property of any kind or character that may be due any missing person or person imprisoned in any foreign country. (b) Upon recei…

(a) The trustee shall give bond in double the amount of property or money received and, upon the appearance of the missing person or person imprisoned in any foreign country, shall be required to account to and turn over to the person the balance of all funds or property not lega…

Express trusts may be created in real or personal property, or either or both, or any estate in either or both, with the state, or any governmental or municipal subdivision thereof, or any agency or department of either, or more than one (1) of any of the foregoing, as the benefi…

(a) No public trust shall become effective until the beneficial interest therein shall have been accepted by a beneficiary thereof, and the trust shall be effective only as to beneficiaries who have accepted beneficial interest thereunder. (b) If the state or any of its agencies …

The instrument creating the trust may provide for the appointment, succession, powers, duties, term, and compensation of the trustee and may be for the term of the duration of any beneficiary or for a shorter term. In case of the failure of the trust instrument to make provision …

The officers or any other governmental or municipal authorities having the custody, management, or control of any property of any beneficiary of such a trust, at the time of, or after, creation of the trust, may lease any such property as shall be needful in the execution of the …

The instrument creating any public trust may be amended, or the trust may be terminated, by agreement of the trustee, or, if there is more than one (1) trustee, then of all of the trustees, and of the authority having the power of acceptance of beneficial interest thereunder. How…

No trustee of such a trust, or any beneficiary thereof, shall be charged with any liability whatsoever by reason of any act or omission committed or suffered in the performance of the purposes of the trust. However, liability for any act or omission so committed or suffered shall…

For all purposes of taxation under the authority of the state or any of its governmental or taxing subdivisions, the trust estate and its revenues shall have the same immunities as other property and revenues of the beneficiary or beneficiaries not so in trust.

As used in this subchapter, unless the context otherwise requires, all references to “the code” are to the Internal Revenue Code of 1954, and all references to specific sections of the code include future amendments to the sections and corresponding provisions of any future feder…

(a) Notwithstanding any provision in the laws of this state or in the governing instrument to the contrary, except as provided in subsections (c) and (d) of this section, the governing instrument of each trust which is a private foundation as defined in section 509 of the Interna…

(1) As used in this subchapter:(1) “Adult” means an individual who is at least eighteen (18) years of age.(2) “Beneficiary” means an individual for whom property has been transferred to or held under a declaration of trust by a custodial trustee for the individual's use and benef…

(a) A person may create a custodial trust of property by a written transfer of the property to another person, evidenced by registration or by other instrument of transfer, executed in any lawful manner, naming as beneficiary, an individual who may be the transferor, in which the…

(a) A person having the right to designate the recipient of property payable or transferable upon a future event may create a custodial trust upon the occurrence of the future event by designating in writing the recipient, followed in substance by: “as custodial trustee for (name…

(a) Obligations of a custodial trustee, including the obligation to follow directions of the beneficiary, arise under this subchapter upon the custodial trustee's acceptance, express or implied, of the custodial trust property. (b) The custodial trustee's acceptance may be eviden…

(a) Unless otherwise directed by an instrument designating a custodial trustee pursuant to § 28-72-403, a person, including a fiduciary other than a custodial trustee, who holds property of or owes a debt to an incapacitated individual not having a conservator may make a transfer…

(a) Beneficial interests in a custodial trust created for multiple beneficiaries are deemed to be separate custodial trusts of equal undivided interests for each beneficiary. Except in a transfer or declaration for use and benefit of husband and wife, for whom survivorship is pre…

(a) If appropriate, a custodial trustee shall register or record the instrument vesting title to custodial trust property. (b) If the beneficiary is not incapacitated, a custodial trustee shall follow the directions of the beneficiary in the management, control, investment, or re…

(a) A custodial trustee, acting in fiduciary capacity, has all the rights and powers of custodial trust property which an unmarried adult owner has over individually owned property, but a custodial trustee may exercise those rights and powers in a fiduciary capacity only. (b) Thi…

(a) A custodial trustee shall pay to the beneficiary or expend for the beneficiary's use and benefit so much or all of the custodial trust property as the beneficiary while not incapacitated may direct from time to time. (b) If the beneficiary is incapacitated, the custodial trus…

(a) The custodial trustee shall administer the custodial trust as for an incapacitated beneficiary if (i) the custodial trust was created under § 28-72-405, (ii) the transferor has so directed in the instrument creating the custodial trust, or (iii) the custodial trustee has dete…

(1) A third person in good faith and without a court order may act on instructions of, or otherwise deal with, a person purporting to make a transfer as, or purporting to act in the capacity of, a custodial trustee. In the absence of knowledge to the contrary, the third person is…

(a) A claim based on a contract entered into by a custodial trustee acting in a fiduciary capacity, an obligation arising from the ownership or control of custodial trust property, or a tort committed in the course of administering the custodial trust, may be asserted by a third …

(a) Before accepting the custodial trust property, a person designated as custodial trustee may decline to serve by notifying the person who made the designation, the transferor, or the transferor's legal representative. If an event giving rise to a transfer has not occurred, the…

(1) Except as otherwise provided in the instrument creating the custodial trust, in an agreement with the beneficiary, or by court order, a custodial trustee:(1) is entitled to reimbursement from custodial trust property for reasonable expenses incurred in the performance of fidu…

(a) Upon the acceptance of custodial trust property, the custodial trustee shall provide a written statement describing the custodial trust property and shall thereafter provide a written statement of the administration of the custodial trust property (i) once each year, (ii) upo…

(a) Except as provided in subsection (c), unless previously barred by adjudication, consent, or limitation, a claim for relief against a custodial trustee for accounting or breach of duty is barred as to a beneficiary, a person to whom custodial trust property is to be paid or de…

(a) Upon termination of a custodial trust, the custodial trustee shall transfer the unexpended custodial trust property:(1) to the beneficiary, if not incapacitated or deceased;(2) to the conservator or other recipient designated by the court for an incapacitated beneficiary; or(…

(a) If a transaction, including a declaration with respect to or a transfer of specific property, otherwise satisfies applicable law, the criteria of § 28-72-402 are satisfied by:(1) The execution and either delivery to the custodial trustee or recording of an instrument in subst…

(a) This subchapter applies to a transfer or declaration creating a custodial trust that refers to this subchapter if, at the time of the transfer or declaration, the transferor, beneficiary, or custodial trustee is a resident of or has its principal place of business in this sta…

This subchapter shall be applied and construed to effectuate its general purpose to make uniform the law with respect to the subject of this subchapter among states enacting it.

This subchapter may be cited as the “Arkansas Custodial Trust Act.”

If any provision of this act or the application thereof to any person or circumstance is held invalid, such invalidity shall not affect other provisions or applications of the act which can be given effect without the invalid provision or application, and to this end the provisio…

This subchapter shall be known as the “Long-Term Intergenerational Security Act of 1995”.

(a) It is found and declared by the General Assembly that the establishment of a long-term intergenerational security trust with tax deferment provisions for an individual under eighteen (18) years of age will enable the individual's family and friends to take advantage of long-t…

For purposes of this subchapter, “long-term intergenerational security trust” means a trust established for an individual under eighteen (18) years of age which contains the provisions prescribed in § 28-72-504(a).

(a) The long-term intergenerational security trust agreement must:(1) Name an Arkansas resident or an entity located in Arkansas as trustee;(2) Provide that contributions to the trust shall not exceed four thousand dollars ($4,000) during any taxable year prior to the beneficiary…

(a) (1) All distributions of funds from the long-term intergenerational security trust shall be taxable as provided in the Income Tax Act of 1929.(2) All distributions from the trust shall be deemed principal until all contributions of principal have been withdrawn. (1) All distr…

Upon reaching eighteen (18) years of age, the beneficiary of a long-term intergenerational security trust may determine, to the extent possible, the manner in which the funds are to be invested.

Upon the death of the beneficiary, all funds remaining in the long-term intergenerational security trust shall be distributed to the beneficiary's estate, and all undistributed income shall be included in the beneficiary's final tax return.

(1) As used in this subchapter:(1) “Property” means an interest in any type of property that is:(A) Held in a qualified spousal trust;(B) Income earned from property held in a qualified spousal trust; and(C) Property into which the interest, proceeds, or income earned from proper…

(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 b…

(a) After the death of both settlors, all property held by the trustee of the qualified spousal trust shall be distributed as directed by the then-current terms of the governing instrument of the qualified spousal trust. (b) After the death of the first settlor, if immediately be…

For purposes of the dissolution of the marriage of the settlors, the respective property rights of settlors who are married to each other shall not be affected or changed by the transfer of the property to, or the subsequent administration of the property as an asset of, a qualif…

(a) The provisions of this subchapter are subject to the Uniform Voidable Transactions Act, § 4-59-201 et seq. (b) This subchapter applies to a trust that meets the description and requirements of a qualified spousal trust under this subchapter regardless of whether the trust was…

(1) As used in this subchapter:(1) “Adviser” means any person, including without limitation an accountant, attorney, or investment adviser, who gives advice concerning or was involved in the creation of, transfer of property to, or administration of a spendthrift trust or domesti…

(a) Unless the document that creates the spendthrift trust or domestic asset protection trust expressly declares otherwise, this subchapter governs the construction, operation, and enforcement of all spendthrift trusts or domestic asset protection trusts in the State of Arkansas,…

(a) A person competent to execute a will or deed may, only by a document that is duly executed, create a spendthrift trust in real, personal, or mixed property for the benefit of:(1) A person other than the settlor; or(2) For a domestic asset protection trust, the settlor or both…