SB 170 Modifies provisions regarding qualified spousal trusts
Sponsor: Dixon Co-Sponsor(s)
LR Number: 0574S.01I Fiscal Notes
Committee: Judiciary and Civil and Criminal Jurisprudence
Last Action: 1/11/2017 - Second Read and Referred S Judiciary and Civil and Criminal Jurisprudence Committee Journal Page: S109
Title: Calendar Position:
Effective Date: August 28, 2017

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Current Bill Summary

SB 170 - This act provides that a qualified spousal trust may be revoked by one settlor after the death or incapacity of the other. Property in a qualified spousal trust is exempt from the claims of a separate creditor of either settlor, but not from the claims of the settlors' joint creditors.

Upon the death of a settlor, the trust property may be held in or transferred to the surviving settlor's separate share of the trust, as specified by the trust instrument or titling of the property.