Title 28 — — Appendix Administrative Order Number 12 — Official Probate Forms
41 chapters · 852 sections in this title.
Ark. Code Ann. § 28-73-402 Requirements for creation
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(a) A trust is created only if:(1) the settlor has capacity to create a trust;(2) the settlor indicates an intention to create the trust;(3) the trust has a definite beneficiary or is:(A) a charitable trust;(B) a trust for the care of an animal, as provided in § 28-73-408; or(C) …
Ark. Code Ann. § 28-73-403 Trusts created in other jurisdictions
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(1) A trust not created by will is validly created if its creation complies with the law of the jurisdiction in which the trust instrument was executed, or the law of the jurisdiction in which, at the time of creation:(1) the settlor was domiciled, had a place of abode, or was a …
Ark. Code Ann. § 28-73-404 Trust purposes
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A trust may be created only to the extent its purposes are lawful, not contrary to public policy, and possible to achieve. A trust and its terms must be for the benefit of its beneficiaries.
Ark. Code Ann. § 28-73-405 Charitable purposes — Enforcement
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(a) A charitable trust may be created for the relief of poverty, the advancement of education or religion, the promotion of health, governmental or municipal purposes, or other purposes the achievement of which is beneficial to the community. (b) If the terms of a charitable trus…
Ark. Code Ann. § 28-73-406 Creation of trust induced by fraud, duress, or undue influence
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A trust is void to the extent its creation was induced by fraud, duress, or undue influence.
Ark. Code Ann. § 28-73-407 Evidence of oral trust
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Except as required by a statute other than this chapter, a trust need not be evidenced by a trust instrument, but the creation of an oral trust and its terms may be established only by clear and convincing evidence.
Ark. Code Ann. § 28-73-408 Trust for care of animal
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(a) A trust may be created to provide for the care of an animal alive during the settlor's lifetime. The trust terminates upon the death of the animal or, if the trust was created to provide for the care of more than one (1) animal alive during the settlor's lifetime, upon the de…
Ark. Code Ann. § 28-73-409 Noncharitable trust without ascertainable beneficiary
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(1) Except as otherwise provided in § 28-73-408 or by another statute, the following rules apply:(1) a trust may be created for a noncharitable purpose without a definite or definitely ascertainable beneficiary or for a noncharitable but otherwise valid purpose to be selected by …
Ark. Code Ann. § 28-73-410 Modification or termination of trust — Proceedings for approval or disapproval
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(a) In addition to the methods of termination prescribed by §§ 28-73-411 — 28-73-414, a trust terminates to the extent the trust is revoked or expires pursuant to its terms, no purpose of the trust remains to be achieved, or the purposes of the trust have become unlawful, contrar…
Ark. Code Ann. § 28-73-411 Modification or termination of noncharitable irrevocable trust by consent
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(a) (1) A noncharitable irrevocable trust may be modified or terminated upon consent of the settlor and all beneficiaries, even if the modification or termination is inconsistent with a material purpose of the trust.(2) A settlor's power to consent to a trust's modification or te…
Ark. Code Ann. § 28-73-412 Modification or termination because of unanticipated circumstances or inability to administer trust effectively
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(a) In addition to the procedure available under § 28-69-401 et seq., a court may modify the administrative or dispositive terms of a trust or terminate the trust if, because of circumstances not anticipated by the settlor, modification or termination will further the purposes of…
Ark. Code Ann. § 28-73-413 Cy pres
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(a) Except as otherwise provided in subsection (b), if a particular charitable purpose becomes unlawful, impracticable, impossible to achieve, or wasteful:(1) the trust does not fail, in whole or in part;(2) the trust property does not revert to the settlor or the settlor's succe…
Ark. Code Ann. § 28-73-414 Modification or termination of uneconomic trust
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(a) After notice to the qualified beneficiaries, the trustee of a trust consisting of trust property having a total value less than one hundred thousand dollars ($100,000) may terminate the trust if the trustee concludes that the value of the trust property is insufficient to jus…
Ark. Code Ann. § 28-73-415 Reformation to correct mistakes
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A court may reform the terms of a trust, even if unambiguous, to conform the terms to the settlor's intention if it is proved by clear and convincing evidence that both the settlor's intent and the terms of the trust were affected by a mistake of fact or law, whether in expressio…
Ark. Code Ann. § 28-73-416 Modification to achieve settlor's tax objectives
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To achieve the settlor's tax objectives, a court may modify the terms of a trust in a manner that is not contrary to the settlor's probable intention. The court may provide that the modification has retroactive effect.
Ark. Code Ann. § 28-73-417 Combination and division of trusts
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(a) (1) After notice to the qualified beneficiaries, a trustee may combine two (2) or more trusts into a single trust or divide a trust into two (2) or more separate trusts, if the result does not impair rights of any beneficiary or adversely affect achievement of the purposes of…
Ark. Code Ann. § 28-73-501 Rights of beneficiary's creditor or assignee
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To the extent a beneficiary's interest is not protected by a spendthrift provision, a court may authorize a creditor or assignee of the beneficiary to reach the beneficiary's interest by attachment of present or future distributions to or for the benefit of the beneficiary or oth…
Ark. Code Ann. § 28-73-502 Spendthrift provision
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(a) A spendthrift provision is valid only if it restrains both voluntary and involuntary transfer of a beneficiary's interest. (b) A term of a trust providing that the interest of a beneficiary is held subject to a “spendthrift trust”, or words of similar import, is sufficient to…
Ark. Code Ann. § 28-73-503 [Reserved.]
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A.C.A. § 28-73-503Current through all legislation of the 2025 Regular Session.Arkansas Code of 1987 Annotated Official EditionCopyright © 2026 by the State of Arkansas All rights reserved
Ark. Code Ann. § 28-73-504 Discretionary trusts — Effect of standard
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(a) Whether or not a trust contains a spendthrift provision, a creditor of a beneficiary may not compel a distribution that is subject to the trustee's discretion, even if:(1) the discretion is expressed in the form of a standard of distribution; or(2) the trustee has abused the …
Ark. Code Ann. § 28-73-505 Creditor's claim against settlor
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(a) Whether or not the terms of a trust contain a spendthrift provision, the following rules apply:(1) During the lifetime of the settlor, the property of a revocable trust is subject to claims of the settlor's creditors. If a trust has more than one (1) settlor, the amount the c…
Ark. Code Ann. § 28-73-506 Overdue distribution
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Whether or not a trust contains a spendthrift provision, a creditor or assignee of a beneficiary may reach a mandatory distribution of income or principal, including a distribution upon termination of the trust, if the trustee has not made the distribution to the beneficiary with…
Ark. Code Ann. § 28-73-507 Personal obligations of trustee
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Trust property is not subject to personal obligations of the trustee, even if the trustee becomes insolvent or bankrupt.
Ark. Code Ann. § 28-73-601 Capacity of settlor of revocable trust
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(a) The capacity required to create, amend, revoke, or add property to a revocable trust, or to direct the actions of the trustee of a revocable trust, is the same as that required to make a will. (b) Notwithstanding subsection (a), action taken by an agent under a power of attor…
Ark. Code Ann. § 28-73-602 Revocation or amendment of revocable trust
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(a) Unless the terms of a trust expressly provide that the trust is irrevocable, the settlor may revoke or amend the trust. This subsection does not apply to a trust created under an instrument executed before September 1, 2005. (b) If a revocable trust is created or funded by mo…
Ark. Code Ann. § 28-73-603 Settlor's powers — Powers of withdrawal
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(a) To the extent a trust is revocable by a settlor, a trustee may follow a direction of the settlor that is contrary to the terms of the trust. To the extent a trust is revocable by a settlor in conjunction with a person other than a trustee or person holding an adverse interest…
Ark. Code Ann. § 28-73-604 Limitation on action contesting validity of revocable trust — Distribution of trust property
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(a) A person may commence a judicial proceeding to contest the validity of a trust that was revocable at the settlor's death within the earlier of:(1) three (3) years after the settlor's death; or(2) ninety (90) days after the trustee sent the person a notice informing the person…
Ark. Code Ann. § 28-73-701 Accepting or declining trusteeship
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(a) Except as otherwise provided in subsection (c), a person designated as trustee accepts the trusteeship:(1) by substantially complying with a method of acceptance provided in the terms of the trust; or(2) if the terms of the trust do not provide a method or the method provided…
Ark. Code Ann. § 28-73-702 Trustee's bond
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(a) A trustee shall give bond to secure performance of the trustee's duties only if a court finds that a bond is needed to protect the interests of the beneficiaries or is required by the terms of the trust and the court has not dispensed with the requirement. (b) A court may spe…
Ark. Code Ann. § 28-73-703 Cotrustees
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(a) Cotrustees who are unable to reach a unanimous decision may act by majority decision. (b) If a vacancy occurs in a cotrusteeship, the remaining cotrustees may act for the trust. (c) A cotrustee must participate in the performance of a trustee's function unless the cotrustee i…
Ark. Code Ann. § 28-73-704 Vacancy in trusteeship — Appointment of successor
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(a) A vacancy in a trusteeship occurs if:(1) a person designated as trustee rejects the trusteeship;(2) a person designated as trustee cannot be identified or does not exist;(3) a trustee resigns;(4) a trustee is disqualified or removed;(5) a trustee dies; or(6) a guardian of the…
Ark. Code Ann. § 28-73-705 Resignation of trustee
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(a) A trustee may resign:(1) upon at least thirty (30) days' notice to the qualified beneficiaries, the settlor, if living, and all cotrustees; or(2) with the approval of a court. (1) upon at least thirty (30) days' notice to the qualified beneficiaries, the settlor, if living, a…
Ark. Code Ann. § 28-73-706 Removal of trustee
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(a) The settlor, a cotrustee, or a beneficiary may request the court to remove a trustee, or a trustee may be removed by the court on its own initiative. (b) A court may remove a trustee if:(1) the trustee has committed a serious breach of trust;(2) lack of cooperation among cotr…
Ark. Code Ann. § 28-73-707 Delivery of property by former trustee
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(a) Unless a cotrustee remains in office or a court otherwise orders, and until the trust property is delivered to a successor trustee or other person entitled to it, a trustee who has resigned or been removed has the duties of a trustee and the powers necessary to protect the tr…
Ark. Code Ann. § 28-73-708 Compensation of trustee
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(a) If the terms of a trust do not specify the trustee's compensation, a trustee is entitled to compensation that is reasonable under the circumstances. (b) If the terms of a trust specify the trustee's compensation, the trustee is entitled to be compensated as specified, but the…
Ark. Code Ann. § 28-73-709 Reimbursement of expenses
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(a) A trustee is entitled to be reimbursed out of the trust property, with interest as appropriate, for:(1) expenses that were properly incurred in the administration of the trust; and(2) to the extent necessary to prevent unjust enrichment of the trust, expenses that were not pr…
Ark. Code Ann. § 28-73-801 Duty to administer trust
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Upon acceptance of a trusteeship, the trustee shall administer the trust in good faith, in accordance with its terms and purposes and the interests of the beneficiaries, and in accordance with this chapter.
Ark. Code Ann. § 28-73-802 Duty of loyalty
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(a) A trustee shall administer the trust solely in the interests of the beneficiaries. (b) Subject to the rights of persons dealing with or assisting the trustee as provided in § 28-73-1012, a sale, encumbrance, or other transaction involving the investment or management of trust…
Ark. Code Ann. § 28-73-803 Impartiality
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If a trust has two (2) or more beneficiaries, the trustee shall act impartially in investing, managing, and distributing the trust property, giving due regard to the beneficiaries' respective interests.
Ark. Code Ann. § 28-73-804 Prudent administration
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A trustee shall administer the trust as a prudent person would, by considering the purposes, terms, distributional requirements, and other circumstances of the trust. In satisfying this standard, the trustee shall exercise reasonable care, skill, and caution.
Ark. Code Ann. § 28-73-805 Costs of administration
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In administering a trust, the trustee may incur only costs that are reasonable in relation to the trust property, the purposes of the trust, and the skills of the trustee.
Ark. Code Ann. § 28-73-806 Trustee's skills
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A trustee who has special skills or expertise, or is named trustee in reliance upon the trustee's representation that the trustee has special skills or expertise, shall use those special skills or expertise.
Ark. Code Ann. § 28-73-807 Delegation by trustee
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(a) A trustee may delegate duties and powers that a prudent trustee of comparable skills could properly delegate under the circumstances. The trustee shall exercise reasonable care, skill, and caution in:(1) selecting an agent;(2) establishing the scope and terms of the delegatio…
Ark. Code Ann. § 28-73-808 [Repealed.]
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A.C.A. § 28-73-808Current through all legislation of the 2025 Regular Session.Arkansas Code of 1987 Annotated Official EditionCopyright © 2026 by the State of Arkansas All rights reserved
Ark. Code Ann. § 28-73-809 Control and protection of trust property
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A trustee shall take reasonable steps to take control of and protect the trust property.
Ark. Code Ann. § 28-73-810 Recordkeeping and identification of trust property
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(a) A trustee shall keep adequate records of the administration of the trust. (b) A trustee shall keep trust property separate from the trustee's own property. (c) Except as otherwise provided in subsection (d), a trustee shall cause the trust property to be designated so that th…
Ark. Code Ann. § 28-73-811 Enforcement and defense of claims
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A trustee shall take reasonable steps to enforce claims of the trust and to defend claims against the trust.
Ark. Code Ann. § 28-73-812 Collecting trust property
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A trustee shall take reasonable steps to compel a former trustee or other person to deliver trust property to the trustee and to redress a breach of trust known to the trustee to have been committed by a former trustee.
Ark. Code Ann. § 28-73-813 Duty to inform and report
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(a) A trustee shall keep the qualified beneficiaries of the trust reasonably informed about the administration of the trust and of the material facts necessary for them to protect their interests. Unless unreasonable under the circumstances, a trustee shall promptly respond to a …
Ark. Code Ann. § 28-73-814 Discretionary powers — Tax savings
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(a) Notwithstanding the breadth of discretion granted to a trustee in the terms of the trust, including the use of such terms as “absolute”, “sole”, or “uncontrolled”, the trustee shall exercise a discretionary power in good faith and in accordance with the terms and purposes of …