§ 35-50-124. Limited Power of Trustee — Beneficiary — Application
Due to the potential conflict of interest that exists between a trustee who is a beneficiary and other beneficiaries of the trust, any power conferred upon a trustee, other than the settlor of a revocable or amendable trust: To make discretionary distributions of either principal or income to or for the benefit of the trustee, […]
§ 35-50-127. Release of Personal Health Information to Determine Capacity
Where it is necessary, under the terms of a trust to determine the mental or physical incapacity of a patient, a healthcare provider may release personal health information to a licensed physician or licensed attorney at law if the physician or attorney at law signs and furnishes the healthcare provider with an affidavit that the […]
§ 35-50-112. Impairment of Marital Deduction Prohibited
No executor, trustee or other fiduciary may take, or refuse to take, any action, or make or retain any investment, the result of which would defeat an otherwise available marital deduction under the Internal Revenue Code (26 U.S.C.), or under the laws of this state, if the obvious and expressed intent of the testator or […]
§ 35-50-114. Powers Exercisable by Majority — Liability
Unless it is otherwise provided by an instrument under which the fiduciaries are acting, or an amendment of the instrument, or by court order, any power vested in three (3) or more fiduciaries, other than the power to remove a fiduciary, may be exercised by a majority of those fiduciaries; but no fiduciary who has […]
§ 35-50-120. Blind Trust
A trust shall be considered a “blind trust” if the trust is created to benefit an individual, the individual’s spouse or any dependent child and is under the management and control of a trustee who is a bank or trust company authorized to exercise fiduciary powers, a licensed attorney or a broker who: Is independent […]
§ 35-50-121. Delayed Receipt of Trust Corpus
Any trust agreement or declaration of trust may be valid even if no corpus is delivered to the trustee at the time of execution of the instrument if the trustee has the right to receive corpus at a later time or times from the trustor, the trustor’s estate or other persons or sources.
§ 35-50-122. Generation-Skipping Tax — Definitions
As used in this section, unless the context otherwise requires: “Generation-skipping tax” means the generation-skipping transfer tax imposed by chapter 13 of the Internal Revenue Code (26 U.S.C. §§ 2601 et seq.); “Internal Revenue Code” means the Internal Revenue Code of 1986 and successor provisions and codifications of that Code; “Trust” means any express trust, […]
§ 35-50-123. Powers of Fiduciaries
Each fiduciary, as defined in § 35-2-102, has the powers enumerated in § 35-50-110(32).
§ 35-50-102. Insurance Trusts — Creation — Validity
Any trust previously or subsequently established by the depositing with or transferring to a trustee of any life, accident or health insurance policies with proceeds assigned or otherwise made payable to the trustee, irrespective of whether the designation of policy beneficiary is revocable or irrevocable, or whether the insured reserves loan privileges, the right to […]
§ 35-50-103. Life Insurance Proceeds Payable to Trustee
Life insurance may be made payable to a trustee to be named as beneficiary in the policy, and the proceeds of that insurance shall be paid to the trustee and shall be held and disposed of by the trustee as provided in a trust agreement made by the insured during the insured’s lifetime. It shall […]