§ 35-15-604. Limitation on Action Contesting Validity of Revocable Trust — Distribution of Trust Property
A person may commence a judicial proceeding to contest the validity of a trust that was revocable immediately preceding the settlor’s death within the earlier of: Two (2) years after the settlor’s death; or One hundred twenty (120) days after the trustee sent the person a copy of the trust instrument and a notice informing […]
§ 35-15-605. Written Statement or List to Dispose of Items of Tangible Personal Property
A revocable (living) trust that becomes irrevocable upon the death of its settlor may refer to a written statement or list to dispose of items of tangible personal property not otherwise specifically disposed of by the revocable trust, other than money, evidences of indebtedness, documents of title, securities, and property used in a trade or […]
§ 35-15-505. Creditor’s Claims Against Settlor
Whether or not the terms of a trust contain a spendthrift provision, the following rules apply: During the lifetime of the settlor, the property of a revocable trust is subject to claims of the settlor’s creditors. Except as provided in chapter 16 of this title regarding investment services trusts and subdivisions (a)(3)-(5) regarding an irrevocable […]
§ 35-15-506. Distributions Relative to Support, Mandatory and Certain Remainder Interests
Relative to a support interest, whether or not a trust contains a spendthrift provision: Although a beneficiary of a support interest has enforceable rights under § 35-15-814, those rights do not raise the beneficiary’s support interest to the level of a property interest; No creditor or assignee shall reach that support interest until a distribution […]
§ 35-15-507. Personal Obligations of Trustee
Trust property is not subject to personal obligations of the trustee, even if the trustee becomes insolvent or bankrupt.
§ 35-15-508. Removal or Replacement Power Over Trustee or Other Fiduciary Not Reachable by Holder’s Creditors — Interests of Beneficiary Who Is Also a Trustee or Other Fiduciary Not Reachable
No creditor or assignee of a beneficiary shall have the power to reach an interest of a beneficiary or any other person who holds an unconditional or conditional removal or replacement power over a trustee or other fiduciary. Such power over a trustee or other fiduciary is personal to the holder and shall not be […]
§ 35-15-510. Immunity From Claims of Separate Creditors of Trust Property Conveyed to Trustee by Husband and Wife as Tenants by the Entirety
As used in this section, “proceeds” means: Property acquired by the trustee upon the sale, lease, license, exchange, or other disposition of property originally conveyed by a husband and wife as tenants by the entirety to a trustee or trustees; Property collected by the trustee on, or distributed on account of, property originally conveyed by […]
§ 35-15-601. Capacity of Settlor of Revocable Trust — Form of Execution for Post-Death Disposition
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. To be effective as a post death disposition of property transferred during the transferor’s life or by the transferor’s […]
§ 35-15-602. Revocation or Amendment of Revocable Trust
Unless the terms of a trust expressly provide that the trust is irrevocable, the settlor may revoke or amend the trust. This subsection (a) does not apply to a trust created under an instrument executed before July 1, 2004. If a revocable trust is created or funded by more than one (1) settlor: To the […]
§ 35-15-413. Cy Pres
Except as otherwise provided in subsection (b), if a particular charitable purpose becomes unlawful, impracticable, impossible to achieve, obsolete or ineffective: The trust does not fail, in whole or in part; The trust property does not revert to the settlor or the settlor’s successors in interest; and The court may apply cy pres to modify […]