55-1B-1. Definition of terms. Terms used in this chapter mean: (1)”Instrument,” any revocable or irrevocable trust document created inter vivos or testamentary or any custodial account agreement whether such document or agreement was created prior to, on, or after July 1, 1997; (2)”Trust protector,” any person whose appointment as protector is provided for in the […]
55-1B-1.1. Governing instrument may provide trust advisor or trust protector with powers and immunities of trustee. Any governing instrument providing for a trust advisor or trust protector may also provide such trust advisor or trust protector with some, none, or all of the rights, powers, privileges, benefits, immunities, or authorities available to a trustee under […]
55-1B-10. Powers and discretions of investment trust advisor. The powers and discretions of an investment trust advisor shall be as provided in the trust instrument and may be exercised or not exercised, in the best interests of the trust, in the sole and absolute discretion of the investment trust advisor and are binding on any […]
55-1B-11. Powers and discretions of distribution trust advisor. The powers and discretions of a distribution trust advisor over any discretionary distributions of income or principal, including distributions pursuant to an ascertainable standard or other criteria and appointments pursuant to §55-2-15, shall be provided in the trust instrument and may be exercised or not exercised, in […]
55-1B-12. Powers and discretions of family advisor. The powers and discretions of a family advisor are as provided in the governing instrument or by court order and may be exercised or not exercised, in the best interests of the trust, in the sole and absolute discretion of the family advisor. The powers and discretions may […]
55-1B-2. Liability limits of excluded fiduciary–Relief from obligations for excluded fiduciary–Burden of proof in action against excluded fiduciary. An excluded fiduciary is not liable, either individually or as a fiduciary, for any of the following: (1)Any loss that results from compliance with a direction of the trust advisor, including any loss from the trust advisor […]
55-1B-3. Death of grantor. An excluded fiduciary may continue to follow the direction of the trust advisor upon the incapacity or death of the grantor if the instrument so allows. Source: SL 1997, ch 280, §3.
55-1B-4. Trust advisor as fiduciary. If one or more trust advisors are given authority by the terms of a governing instrument to direct, consent to, or disapprove a fiduciary’s investment or distribution decisions, or proposed investment or distribution decisions, such trust advisors shall be considered to be fiduciaries when exercising such authority. For investment decisions, […]
55-1B-5. Excluded fiduciary’s liability for loss if trust protector appointed. If an instrument appoints a trust protector, the excluded fiduciary is not liable for any loss resulting from any action taken upon such trust protector’s direction. Source: SL 1997, ch 280, §5.
55-1B-6. Powers and discretions of trust protector. The powers and discretions of a trust protector are as provided in the governing instrument and may be exercised or not exercised, in the best interests of the trust, in the sole and absolute discretion of the trust protector and are binding on all other persons. The powers […]
55-1B-7. Submission to court jurisdiction–Effect on trust advisor or trust protector. By accepting an appointment to serve as a trust advisor or trust protector of a trust that is subject to the laws of this State, the trust advisor or the trust protector submits to the jurisdiction of the courts of South Dakota even if […]
55-1B-8. Powers of trust protector incorporated by reference in will or trust instrument. Any of the powers enumerated in §55-1B-6, as they exist at the time of the signing of a will by a testator or at the time of the signing of a trust instrument by a trustor, may be, by appropriate reference made […]
55-1B-9. Investment trust advisor or distribution trust advisor provided for in trust instrument. A trust instrument governed by the laws of South Dakota may provide for a person to act as an investment trust advisor or a distribution trust advisor, respectively, with regard to investment decisions or discretionary distributions. Unless otherwise provided or restricted by […]
