55-13A-602. Application of chapter to existing trusts and estates.

226 words·~1 min read·/sd/title-55/chapter-55-13/55-13a-602

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

This chapter applies to every trust or will created after July 1, 2007, except as otherwise expressly provided in the will or the terms of the trust or in this chapter. No trust or decedent's estate based upon a will executed after July 1, 2007, may utilize the provisions of chapter 55-13 . Every trust existing on June 30, 2007, or any decedent's estate existing on June 30, 2007, and based upon a will executed prior to July 1, 2007, may elect to apply the provisions of either chapter 55-13 or this chapter. The election may be made by the trustee or personal representative upon providing sixty days written notice of the election to the beneficiaries of the trust or estate, as the case may be.

Any election made prior to July 1, 2008, is hereby ratified and remains in full force and effect.

The provisions of § 55-13A-409 as amended by SL 2009, ch 252, § 35 apply to a trust described in § 55-13A-409(d) on and after the following dates:

(1)If the trust is not funded as of July 1, 2009, the date of the decedent's death;

(2)If the trust is initially funded in the calendar year beginning January 1, 2010, the date of the decedent's death;

(3)If the trust is not described in subdivision

(1)or (2), January 1, 2010.