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 property held in a qualified spousal trust may […]
(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 by each settlor who transfers property to a qualified spousal trust, […]
(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 before his or her death the predeceased settlor’s interest […]
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 qualified spousal trust during the marriage of […]
(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 created before or after July 24, 2019.
