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House Bill

HB 1019:

Creates the Arkansas Spendthrift Trust Act

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Not Bipartisan

Bill Primary sponsors

Representative John Maddox

Cosponsors

None

Filed 12.05.22

Full Bill Title

An Act to amend the law concerning the creation of a spendthrift trust; To create the Arkansas Spendthrift Trust Act; To amend the uniform statutory rule against perpetuities; And for other purposes.

Committee: Not yet assigned

Summary

What it does

This bill is a major overhaul of spendthrift trust rules in Arkansas. Among other things, it:

  • Removes the law against perpetuities
  • Specifies that the absolute power of alienation may not be suspended for longer than someone’s life plus 30 years
  • Creates a method to calculate the period for interest or trust created under power of appointment
  • Provides for final distribution of trust assets
  • Creates the Arkansas Spendthrift Trust Act that governs the construction, operation and enforcement of a spendthrift trusts

Options: Filed, on agenda, passed, failed… (more)

Status

Filed

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