SB 1025 – Modifies provisions regarding qualified spousal trusts

• Sponsor: Dixon
• LR Number: 4452S.01I
• Committee: Judiciary and Civil and Criminal Jurisprudence
• Last Action: 3/1/2018 - Second Read and Referred S Judiciary and Civil and Criminal Jurisprudence Committee
• Journal Page: S467
• Effective Date: August 28, 2018

Current Bill Summary

SB 1025 - 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.

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

This act is identical to SB 170 (2017).

JESSI JAMES