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SB 988 - This act modifies the definition of "qualified spousal trust" to include the provision of terms that provide during the life of a sole surviving settlor, in addition to terms of which provide for the joint lives of settlors. This act additionally provides that all property, except for written financial obligations, written guarantees, or secure or unsecured transactions, held in a qualified spousal trust shall continue to be immune and exempt from attachment during the life of the surviving settlor to the extent that the property was held in a qualified spousal trust prior to the death of the first settlor and remains in a qualified spousal trust. Furthermore, property may be held in or transferred to a settlor's joint or separate share of a trust by designation under the current trust terms, pursuant to the specified titling of property or other designation that refers to such joint or separate share, or designation to the trustee as the owner as provided in current law. This act is identical to HB 1782 (2024) and a provision in HCS/HB 1886 (2024). KATIE O'BRIEN
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