Ark. Code Ann. § 28-72-701: Definitions

As used in this subchapter: (1) "Adviser" means any person, including without limitation an accountant, attorney, or investment adviser, who gives advice concerning or was involved in the creation of, transfer of property to, or administration of a spendthrift trust or domestic asset protection trust, or who participated in the preparation of accountings, tax returns, or other reports related to a trust; (2) "Creditor" means a person with a claim; (3) "Document" means a will, trust, or instrument; (4) "Domestic asset protection trust" means a self-settled, first-party spendthrift trust; (5) "Remainder beneficiary" means a person entitled to receive principal when an income interest ends; (6) "Settlor" means: (A) The person who creates a spendthrift trust or domestic asset protection trust as described in the trust instrument; or (B) Any person who contributes assets to a spendthrift trust or domestic asset protection trust as to the assets that he or she contributed to the spendthrift trust or domestic asset protection trust except to the extent of consideration for the assets contributed by that person; and (7) "Spendthrift trust" means a trust that, by its terms, imposes a valid restraint on the voluntary and involuntary transfer of the interest of the beneficiary. Added by Act 2023, No. 291,§ 1, eff. 8/1/2023.

As used in this subchapter:

(1) "Adviser" means any person, including without limitation an accountant, attorney, or investment adviser, who gives advice concerning or was involved in the creation of, transfer of property to, or administration of a spendthrift trust or domestic asset protection trust, or who participated in the preparation of accountings, tax returns, or other reports related to a trust;

(2) "Creditor" means a person with a claim;

(3) "Document" means a will, trust, or instrument;

(4) "Domestic asset protection trust" means a self-settled, first-party spendthrift trust;

(5) "Remainder beneficiary" means a person entitled to receive principal when an income interest ends;

(6) "Settlor" means: (A) The person who creates a spendthrift trust or domestic asset protection trust as described in the trust instrument; or (B) Any person who contributes assets to a spendthrift trust or domestic asset protection trust as to the assets that he or she contributed to the spendthrift trust or domestic asset protection trust except to the extent of consideration for the assets contributed by that person; and

(A) The person who creates a spendthrift trust or domestic asset protection trust as described in the trust instrument; or

(B) Any person who contributes assets to a spendthrift trust or domestic asset protection trust as to the assets that he or she contributed to the spendthrift trust or domestic asset protection trust except to the extent of consideration for the assets contributed by that person; and

(7) "Spendthrift trust" means a trust that, by its terms, imposes a valid restraint on the voluntary and involuntary transfer of the interest of the beneficiary.