Chapter 166 Spendthrift Trusts

Short title.

Applicability of chapter; requirement of trustee if settlor is beneficiary of trust.

Definitions.

“Settlor” defined.

“Spendthrift trust” defined.

Terms: “Writing” or “written.”

Competency of settlor; writing required; circumstances when writing meets requirements for trust to be created for benefit of settlor; settlor’s ability to hold other powers.

Powers of settlor.

No specific language necessary for creation of trust.

Beneficiaries to be named.

Provision for support.

Income.

Discretion of trustee.

Restraints on alienation; exclusive jurisdiction of court.

Legal estate of beneficiary in corpus.

Perpetuities.

Accumulation of income.

Settlor may make different provisions.

Limitation of actions with respect to transfer of property to trust; certain transfers of property disregarded; limitation of actions against advisers to settlors or trustees and against trustees; transfers to trust.

Trust administered under laws of another state or foreign jurisdiction.