reglab/statecodes huggingface dataset:
Arkansas Code of 1987 (2023) › Title 28 - WILLS, ESTATES, AND FIDUCIARY RELATIONSHIPS (§§ 28-1-101 — 28) › Subtitle 5 - FIDUCIARY RELATIONSHIPS (§§ 28-65-101 — 28-77-803) › Chapter 73 - ARKANSAS TRUST CODE (§§ 28-73-101 — 28-73-1106) › Subchapter 3 - REPRESENTATION (§§ 28-73-301 — 28-73-305) › Section 28-73-302 - Representation by holder of general testamentary power of appointment

To the extent there is no conflict of interest between the holder of a general testamentary power of appointment and the persons represented with respect to the particular question or dispute, the holder may represent and bind persons whose interests, as permissible appointees, takers in default, or otherwise, are subject to the power.
Acts 2005, No. 1031, § 1.
Arkansas Code of 1987 (2023) › Title 28 - WILLS, ESTATES, AND FIDUCIARY RELATIONSHIPS (§§ 28-1-101 — 28) › Subtitle 5 - FIDUCIARY RELATIONSHIPS (§§ 28-65-101 — 28-77-803) › Chapter 73 - ARKANSAS TRUST CODE (§§ 28-73-101 — 28-73-1106) › Subchapter 3 - REPRESENTATION (§§ 28-73-301 — 28-73-305) › Section 28-73-303 - Representation by fiduciaries and parents

To the extent there is no conflict of interest between the representative and the person represented or among those being represented with respect to a particular question or dispute:
(1)
a conservator may represent and bind the estate that the conservator controls;
(2)
a guardian may represent and bind the ward if a conservator of the ward's estate has not been appointed;
(3)
an agent having authority to act with respect to the particular question or dispute may represent and bind the principal;
(4)
a trustee may represent and bind the beneficiaries of the trust;
(5)
a personal representative of a decedent's estate may represent and bind persons interested in the estate; and
(6)
a parent may represent and bind the parent's minor or unborn child if a guardian for the child has not been appointed.
Acts 2005, No. 1031, § 1.
Arkansas Code of 1987 (2023) › Title 28 - WILLS, ESTATES, AND FIDUCIARY RELATIONSHIPS (§§ 28-1-101 — 28) › Subtitle 5 - FIDUCIARY RELATIONSHIPS (§§ 28-65-101 — 28-77-803) › Chapter 73 - ARKANSAS TRUST CODE (§§ 28-73-101 — 28-73-1106) › Subchapter 3 - REPRESENTATION (§§ 28-73-301 — 28-73-305) › Section 28-73-304 - Representation by person having substantially identical interest

Unless otherwise represented, a minor, incapacitated, or unborn individual, or a person whose identity or location is unknown and not reasonably ascertainable, may be represented by and bound by another having a substantially identical interest with respect to the particular question or dispute, but only to the extent there is no conflict of interest between the representative and the person represented.
Acts 2005, No. 1031, § 1.
Arkansas Code of 1987 (2023) › Title 28 - WILLS, ESTATES, AND FIDUCIARY RELATIONSHIPS (§§ 28-1-101 — 28) › Subtitle 5 - FIDUCIARY RELATIONSHIPS (§§ 28-65-101 — 28-77-803) › Chapter 73 - ARKANSAS TRUST CODE (§§ 28-73-101 — 28-73-1106) › Subchapter 3 - REPRESENTATION (§§ 28-73-301 — 28-73-305) › Section 28-73-305 - Appointment of representative

(a)
If a court determines that an interest is not represented under this subchapter, or that the otherwise available representation might be inadequate, the court may appoint a guardian ad litem to receive notice, give consent, and otherwise represent, bind, and act on behalf of a minor, incapacitated, or unborn individual, or a person whose identity or location is unknown. A guardian ad litem may be appointed to represent several persons or interests.
(b)
A guardian ad litem may act on behalf of the individual represented with respect to any matter arising under this chapter, whether or not a judicial proceeding concerning the trust is pending.
(c)
In making decisions, a guardian ad litem may consider general benefit accruing to the living members of the individual's family.
Acts 2005, No. 1031, § 1.
Arkansas Code of 1987 (2023) › Title 28 - WILLS, ESTATES, AND FIDUCIARY RELATIONSHIPS (§§ 28-1-101 — 28) › Subtitle 5 - FIDUCIARY RELATIONSHIPS (§§ 28-65-101 — 28-77-803) › Chapter 73 - ARKANSAS TRUST CODE (§§ 28-73-101 — 28-73-1106) › Subchapter 4 - CREATION, VALIDITY, MODIFICATION, AND TERMINATION OF TRUST (§§ 28-73-401 — 28-73-417) › Section 28-73-401 - Methods of creating trust

A trust may be created by:
(1)
transfer of property to another person as trustee during the settlor's lifetime or by will or other disposition taking effect upon the settlor's death;
(2)
declaration by the owner of property that the owner holds identifiable property as trustee;
(3)
exercise of a power of appointment in favor of a trustee; or
(4)
an agent under a power of attorney that expressly grants the agent the authority to create a trust.
Amended by Act 2021, No. 804,§ 3, eff. 7/28/2021.
Acts 2005, No. 1031, § 1.
Arkansas Code of 1987 (2023) › Title 28 - WILLS, ESTATES, AND FIDUCIARY RELATIONSHIPS (§§ 28-1-101 — 28) › Subtitle 5 - FIDUCIARY RELATIONSHIPS (§§ 28-65-101 — 28-77-803) › Chapter 73 - ARKANSAS TRUST CODE (§§ 28-73-101 — 28-73-1106) › Subchapter 4 - CREATION, VALIDITY, MODIFICATION, AND TERMINATION OF TRUST (§§ 28-73-401 — 28-73-417) › Section 28-73-402 - Requirements for creation

(a)
A trust is created only if:
(1)
the settlor has capacity to create a trust;
(2)
the settlor indicates an intention to create the trust;
(3)
the trust has a definite beneficiary or is:
(A)
a charitable trust;
(B)
a trust for the care of an animal, as provided in §
28-73-408
; or
(C)
a trust for a noncharitable purpose, as provided in §
28-73-409
;
(4)
the trustee has duties to perform; and
(5)
the same person is not the sole trustee and sole beneficiary.
(b)
A beneficiary is definite if the beneficiary can be ascertained now or in the future, subject to any applicable rule against perpetuities.
(c)
A power in a trustee to select a beneficiary from an indefinite class is valid. If the power is not exercised within a reasonable time, the power fails and the property subject to the power passes to the persons who would have taken the property had the power not been conferred.
(d)
Notwithstanding subdivision (a)(1) of this section, a trust created by an agent under a power of attorney is valid if the:
(1)
trust is created by an agent under a power of attorney executed by the settlor as described in §
28-73-401(4)
; and
(2)
settlor had the capacity to create a trust at the time he or she executed the power of attorney.
Amended by Act 2021, No. 804,§ 4, eff. 7/28/2021.
Acts 2005, No. 1031, § 1.
Arkansas Code of 1987 (2023) › Title 28 - WILLS, ESTATES, AND FIDUCIARY RELATIONSHIPS (§§ 28-1-101 — 28) › Subtitle 5 - FIDUCIARY RELATIONSHIPS (§§ 28-65-101 — 28-77-803) › Chapter 73 - ARKANSAS TRUST CODE (§§ 28-73-101 — 28-73-1106) › Subchapter 4 - CREATION, VALIDITY, MODIFICATION, AND TERMINATION OF TRUST (§§ 28-73-401 — 28-73-417) › Section 28-73-403 - Trusts created in other jurisdictions

A trust not created by will is validly created if its creation complies with the law of the jurisdiction in which the trust instrument was executed, or the law of the jurisdiction in which, at the time of creation:
(1)
the settlor was domiciled, had a place of abode, or was a national;
(2)
a trustee was domiciled or had a place of business; or
(3)
any trust property was located.
Acts 2005, No. 1031, § 1.
Arkansas Code of 1987 (2023) › Title 28 - WILLS, ESTATES, AND FIDUCIARY RELATIONSHIPS (§§ 28-1-101 — 28) › Subtitle 5 - FIDUCIARY RELATIONSHIPS (§§ 28-65-101 — 28-77-803) › Chapter 73 - ARKANSAS TRUST CODE (§§ 28-73-101 — 28-73-1106) › Subchapter 4 - CREATION, VALIDITY, MODIFICATION, AND TERMINATION OF TRUST (§§ 28-73-401 — 28-73-417) › Section 28-73-404 - Trust purposes

A trust may be created only to the extent its purposes are lawful, not contrary to public policy, and possible to achieve. A trust and its terms must be for the benefit of its beneficiaries.
Acts 2005, No. 1031, § 1.
Arkansas Code of 1987 (2023) › Title 28 - WILLS, ESTATES, AND FIDUCIARY RELATIONSHIPS (§§ 28-1-101 — 28) › Subtitle 5 - FIDUCIARY RELATIONSHIPS (§§ 28-65-101 — 28-77-803) › Chapter 73 - ARKANSAS TRUST CODE (§§ 28-73-101 — 28-73-1106) › Subchapter 4 - CREATION, VALIDITY, MODIFICATION, AND TERMINATION OF TRUST (§§ 28-73-401 — 28-73-417) › Section 28-73-405 - Charitable purposes - Enforcement

(a)
A charitable trust may be created for the relief of poverty, the advancement of education or religion, the promotion of health, governmental or municipal purposes, or other purposes the achievement of which is beneficial to the community.
(b)
If the terms of a charitable trust do not indicate a particular charitable purpose or beneficiary, the court may select one (1) or more charitable purposes or beneficiaries. The selection must be consistent with the settlor's intention to the extent it can be ascertained.
(c)
The settlor of a charitable trust, among others, may maintain a proceeding to enforce the trust.
Acts 2005, No. 1031, § 1.
Arkansas Code of 1987 (2023) › Title 28 - WILLS, ESTATES, AND FIDUCIARY RELATIONSHIPS (§§ 28-1-101 — 28) › Subtitle 5 - FIDUCIARY RELATIONSHIPS (§§ 28-65-101 — 28-77-803) › Chapter 73 - ARKANSAS TRUST CODE (§§ 28-73-101 — 28-73-1106) › Subchapter 4 - CREATION, VALIDITY, MODIFICATION, AND TERMINATION OF TRUST (§§ 28-73-401 — 28-73-417) › Section 28-73-406 - Creation of trust induced by fraud, duress, or undue influence

A trust is void to the extent its creation was induced by fraud, duress, or undue influence.
Acts 2005, No. 1031, § 1.
Arkansas Code of 1987 (2023) › Title 28 - WILLS, ESTATES, AND FIDUCIARY RELATIONSHIPS (§§ 28-1-101 — 28) › Subtitle 5 - FIDUCIARY RELATIONSHIPS (§§ 28-65-101 — 28-77-803) › Chapter 73 - ARKANSAS TRUST CODE (§§ 28-73-101 — 28-73-1106) › Subchapter 4 - CREATION, VALIDITY, MODIFICATION, AND TERMINATION OF TRUST (§§ 28-73-401 — 28-73-417) › Section 28-73-407 - Evidence of oral trust

Except as required by a statute other than this chapter, a trust need not be evidenced by a trust instrument, but the creation of an oral trust and its terms may be established only by clear and convincing evidence.
Acts 2005, No. 1031, § 1.
Arkansas Code of 1987 (2023) › Title 28 - WILLS, ESTATES, AND FIDUCIARY RELATIONSHIPS (§§ 28-1-101 — 28) › Subtitle 5 - FIDUCIARY RELATIONSHIPS (§§ 28-65-101 — 28-77-803) › Chapter 73 - ARKANSAS TRUST CODE (§§ 28-73-101 — 28-73-1106) › Subchapter 4 - CREATION, VALIDITY, MODIFICATION, AND TERMINATION OF TRUST (§§ 28-73-401 — 28-73-417) › Section 28-73-408 - Trust for care of animal

(a)
A trust may be created to provide for the care of an animal alive during the settlor's lifetime. The trust terminates upon the death of the animal or, if the trust was created to provide for the care of more than one (1) animal alive during the settlor's lifetime, upon the death of the last surviving animal.
(b)
A trust authorized by this section may be enforced by a person appointed in the terms of the trust or, if no person is so appointed, by a person appointed by a court. A person having an interest in the welfare of the animal may request the court to appoint a person to enforce the trust or to remove a person appointed.
(c)
Property of a trust authorized by this section may be applied only to its intended use, except to the extent a court determines that the value of the trust property exceeds the amount required for the intended use. Except as otherwise provided in the terms of the trust, property not required for the intended use must be distributed to the settlor, if then living, otherwise to the settlor's successors in interest.
Acts 2005, No. 1031, § 1.
Arkansas Code of 1987 (2023) › Title 28 - WILLS, ESTATES, AND FIDUCIARY RELATIONSHIPS (§§ 28-1-101 — 28) › Subtitle 5 - FIDUCIARY RELATIONSHIPS (§§ 28-65-101 — 28-77-803) › Chapter 73 - ARKANSAS TRUST CODE (§§ 28-73-101 — 28-73-1106) › Subchapter 4 - CREATION, VALIDITY, MODIFICATION, AND TERMINATION OF TRUST (§§ 28-73-401 — 28-73-417) › Section 28-73-409 - Noncharitable trust without ascertainable beneficiary

Except as otherwise provided in §
28-73-408
or by another statute, the following rules apply:
(1)
a trust may be created for a noncharitable purpose without a definite or definitely ascertainable beneficiary or for a noncharitable but otherwise valid purpose to be selected by the trustee. The trust may not be enforced for more than twenty-one (21) years;
(2)
a trust authorized by this section may be enforced by a person appointed in the terms of the trust or, if no person is so appointed, by a person appointed by a court; and
(3)
property of a trust authorized by this section may be applied only to its intended use, except to the extent a court determines that the value of the trust property exceeds the amount required for the intended use. Except as otherwise provided in the terms of the trust, property not required for the intended use must be distributed to the settlor, if then living, otherwise to the settlor's successors in interest.
Acts 2005, No. 1031, § 1.
Arkansas Code of 1987 (2023) › Title 28 - WILLS, ESTATES, AND FIDUCIARY RELATIONSHIPS (§§ 28-1-101 — 28) › Subtitle 5 - FIDUCIARY RELATIONSHIPS (§§ 28-65-101 — 28-77-803) › Chapter 73 - ARKANSAS TRUST CODE (§§ 28-73-101 — 28-73-1106) › Subchapter 4 - CREATION, VALIDITY, MODIFICATION, AND TERMINATION OF TRUST (§§ 28-73-401 — 28-73-417) › Section 28-73-410 - Modification or termination of trust - Proceedings for approval or disapproval

(a)
In addition to the methods of termination prescribed by §§
28-73-411
-
28-73-414
, a trust terminates to the extent the trust is revoked or expires pursuant to its terms, no purpose of the trust remains to be achieved, or the purposes of the trust have become unlawful, contrary to public policy, or impossible to achieve.
(b)
A proceeding to approve or disapprove a proposed modification or termination under §§
28-73-411
-
28-73-416
, or trust combination or division under §
28-73-417
, may be commenced by a trustee or beneficiary, and a proceeding to approve or disapprove a proposed modification or termination under §
28-73-411
may be commenced by the settlor. The settlor of a charitable trust may maintain a proceeding to modify the trust under §
28-73-413
.
Acts 2005, No. 1031, § 1.
Arkansas Code of 1987 (2023) › Title 28 - WILLS, ESTATES, AND FIDUCIARY RELATIONSHIPS (§§ 28-1-101 — 28) › Subtitle 5 - FIDUCIARY RELATIONSHIPS (§§ 28-65-101 — 28-77-803) › Chapter 73 - ARKANSAS TRUST CODE (§§ 28-73-101 — 28-73-1106) › Subchapter 4 - CREATION, VALIDITY, MODIFICATION, AND TERMINATION OF TRUST (§§ 28-73-401 — 28-73-417) › Section 28-73-411 - Modification or termination of noncharitable irrevocable trust by consent

(a)
(1)
A noncharitable irrevocable trust may be modified or terminated upon consent of the settlor and all beneficiaries, even if the modification or termination is inconsistent with a material purpose of the trust.
(2)
A settlor's power to consent to a trust's modification or termination may be exercised by:
(A)
an agent under a power of attorney only to the extent expressly authorized by the power of attorney or the terms of the trust;
(B)
the settlor's conservator with the approval of the court supervising the conservatorship if an agent is not so authorized; or
(C)
the settlor's guardian with the approval of the court supervising the guardianship if an agent is not so authorized and a conservator has not been appointed.
(b)
A noncharitable irrevocable trust may be:
(1)
terminated upon consent of all of the beneficiaries if a court concludes that continuance of the trust is not necessary to achieve any material purpose of the trust; or
(2)
modified upon consent of all of the beneficiaries if a court concludes that modification is not inconsistent with a material purpose of the trust.
(c)
A spendthrift provision in the terms of the trust is presumed to constitute a material purpose of the trust.
(d)
Upon termination of a trust under subsection (a) or (b), the trustee shall distribute the trust property as agreed by the beneficiaries.
(e)
If not all of the beneficiaries consent to a proposed modification or termination of the trust under subsection (a) or (b), the modification or termination may be approved by a court if the court is satisfied that:
(1)
if all of the beneficiaries had consented, the trust could have been modified or terminated under this section; and
(2)
the interests of a beneficiary who does not consent will be adequately protected.
Acts 2005, No. 1031, § 1.
Arkansas Code of 1987 (2023) › Title 28 - WILLS, ESTATES, AND FIDUCIARY RELATIONSHIPS (§§ 28-1-101 — 28) › Subtitle 5 - FIDUCIARY RELATIONSHIPS (§§ 28-65-101 — 28-77-803) › Chapter 73 - ARKANSAS TRUST CODE (§§ 28-73-101 — 28-73-1106) › Subchapter 4 - CREATION, VALIDITY, MODIFICATION, AND TERMINATION OF TRUST (§§ 28-73-401 — 28-73-417) › Section 28-73-412 - Modification or termination because of unanticipated circumstances or inability to administer trust effectively

(a)
In addition to the procedure available under §
28-69-401
et seq., a court may modify the administrative or dispositive terms of a trust or terminate the trust if, because of circumstances not anticipated by the settlor, modification or termination will further the purposes of the trust. To the extent practicable, the modification must be made in accordance with the settlor's probable intention.
(b)
A court may modify the administrative terms of a trust if continuation of the trust on its existing terms would be impracticable or wasteful or impair the trust's administration.
(c)
Upon termination of a trust under this section, the trustee shall distribute the trust property in a manner consistent with the purposes of the trust.
Acts 2005, No. 1031, § 1.
Arkansas Code of 1987 (2023) › Title 28 - WILLS, ESTATES, AND FIDUCIARY RELATIONSHIPS (§§ 28-1-101 — 28) › Subtitle 5 - FIDUCIARY RELATIONSHIPS (§§ 28-65-101 — 28-77-803) › Chapter 73 - ARKANSAS TRUST CODE (§§ 28-73-101 — 28-73-1106) › Subchapter 4 - CREATION, VALIDITY, MODIFICATION, AND TERMINATION OF TRUST (§§ 28-73-401 — 28-73-417) › Section 28-73-413 - Cy pres

(a)
Except as otherwise provided in subsection (b), if a particular charitable purpose becomes unlawful, impracticable, impossible to achieve, or wasteful:
(1)
the trust does not fail, in whole or in part;
(2)
the trust property does not revert to the settlor or the settlor's successors in interest; and
(3)
a court may apply cy pres to modify or terminate the trust by directing that the trust property be applied or distributed, in whole or in part, in a manner consistent with the settlor's charitable purposes.
(b)
A provision in the terms of a charitable trust that would result in distribution of the trust property to a noncharitable beneficiary prevails over the power of a court under subsection (a) to apply cy pres to modify or terminate the trust only if, when the provision takes effect:
(1)
the trust property is to revert to the settlor and the settlor is still living; or
(2)
less than thirty (30) years have elapsed since the date of the trust's creation.
Acts 2005, No. 1031, § 1.
Arkansas Code of 1987 (2023) › Title 28 - WILLS, ESTATES, AND FIDUCIARY RELATIONSHIPS (§§ 28-1-101 — 28) › Subtitle 5 - FIDUCIARY RELATIONSHIPS (§§ 28-65-101 — 28-77-803) › Chapter 73 - ARKANSAS TRUST CODE (§§ 28-73-101 — 28-73-1106) › Subchapter 4 - CREATION, VALIDITY, MODIFICATION, AND TERMINATION OF TRUST (§§ 28-73-401 — 28-73-417) › Section 28-73-414 - Modification or termination of uneconomic trust

(a)
After notice to the qualified beneficiaries, the trustee of a trust consisting of trust property having a total value less than one hundred thousand dollars ($100,000) may terminate the trust if the trustee concludes that the value of the trust property is insufficient to justify the cost of administration.
(b)
A court may modify or terminate a trust or remove the trustee and appoint a different trustee if it determines that the value of the trust property is insufficient to justify the cost of administration.
(c)
Upon termination of a trust under this section, the trustee shall distribute the trust property in a manner consistent with the purposes of the trust.
(d)
This section does not apply to an easement for conservation or preservation.
Acts 2005, No. 1031, § 1.
Arkansas Code of 1987 (2023) › Title 28 - WILLS, ESTATES, AND FIDUCIARY RELATIONSHIPS (§§ 28-1-101 — 28) › Subtitle 5 - FIDUCIARY RELATIONSHIPS (§§ 28-65-101 — 28-77-803) › Chapter 73 - ARKANSAS TRUST CODE (§§ 28-73-101 — 28-73-1106) › Subchapter 4 - CREATION, VALIDITY, MODIFICATION, AND TERMINATION OF TRUST (§§ 28-73-401 — 28-73-417) › Section 28-73-415 - Reformation to correct mistakes

A court may reform the terms of a trust, even if unambiguous, to conform the terms to the settlor's intention if it is proved by clear and convincing evidence that both the settlor's intent and the terms of the trust were affected by a mistake of fact or law, whether in expression or inducement.
Acts 2005, No. 1031, § 1.
Arkansas Code of 1987 (2023) › Title 28 - WILLS, ESTATES, AND FIDUCIARY RELATIONSHIPS (§§ 28-1-101 — 28) › Subtitle 5 - FIDUCIARY RELATIONSHIPS (§§ 28-65-101 — 28-77-803) › Chapter 73 - ARKANSAS TRUST CODE (§§ 28-73-101 — 28-73-1106) › Subchapter 4 - CREATION, VALIDITY, MODIFICATION, AND TERMINATION OF TRUST (§§ 28-73-401 — 28-73-417) › Section 28-73-416 - Modification to achieve settlor's tax objectives

To achieve the settlor's tax objectives, a court may modify the terms of a trust in a manner that is not contrary to the settlor's probable intention. The court may provide that the modification has retroactive effect.
Acts 2005, No. 1031, § 1.
Arkansas Code of 1987 (2023) › Title 28 - WILLS, ESTATES, AND FIDUCIARY RELATIONSHIPS (§§ 28-1-101 — 28) › Subtitle 5 - FIDUCIARY RELATIONSHIPS (§§ 28-65-101 — 28-77-803) › Chapter 73 - ARKANSAS TRUST CODE (§§ 28-73-101 — 28-73-1106) › Subchapter 4 - CREATION, VALIDITY, MODIFICATION, AND TERMINATION OF TRUST (§§ 28-73-401 — 28-73-417) › Section 28-73-417 - Combination and division of trusts

(a)
(1)
After notice to the qualified beneficiaries, a trustee may combine two (2) or more trusts into a single trust or divide a trust into two (2) or more separate trusts, if the result does not impair rights of any beneficiary or adversely affect achievement of the purposes of the trust.
(2)
A trustee may exercise the authority granted in this section without court approval.
(b)
This section does not repeal the Trustee Division of Trusts Act, §
28-69-701
et seq.
Acts 2005, No. 1031, § 1.
Arkansas Code of 1987 (2023) › Title 28 - WILLS, ESTATES, AND FIDUCIARY RELATIONSHIPS (§§ 28-1-101 — 28) › Subtitle 5 - FIDUCIARY RELATIONSHIPS (§§ 28-65-101 — 28-77-803) › Chapter 73 - ARKANSAS TRUST CODE (§§ 28-73-101 — 28-73-1106) › Subchapter 5 - CREDITOR'S CLAIMS - SPENDTHRIFT AND DISCRETIONARY TRUSTS (§§ 28-73-501 — 28-73-507) › Section 28-73-501 - Rights of beneficiary's creditor or assignee

To the extent a beneficiary's interest is not protected by a spendthrift provision, a court may authorize a creditor or assignee of the beneficiary to reach the beneficiary's interest by attachment of present or future distributions to or for the benefit of the beneficiary or other means. The court may limit the award to such relief as is appropriate under the circumstances.
Acts 2005, No. 1031, § 1.
Arkansas Code of 1987 (2023) › Title 28 - WILLS, ESTATES, AND FIDUCIARY RELATIONSHIPS (§§ 28-1-101 — 28) › Subtitle 5 - FIDUCIARY RELATIONSHIPS (§§ 28-65-101 — 28-77-803) › Chapter 73 - ARKANSAS TRUST CODE (§§ 28-73-101 — 28-73-1106) › Subchapter 5 - CREDITOR'S CLAIMS - SPENDTHRIFT AND DISCRETIONARY TRUSTS (§§ 28-73-501 — 28-73-507) › Section 28-73-502 - Spendthrift provision

(a)
A spendthrift provision is valid only if it restrains both voluntary and involuntary transfer of a beneficiary's interest.
(b)
A term of a trust providing that the interest of a beneficiary is held subject to a "spendthrift trust", or words of similar import, is sufficient to restrain both voluntary and involuntary transfer of the beneficiary's interest.
(c)
A beneficiary may not transfer an interest in a trust in violation of a valid spendthrift provision and, except as otherwise provided in this subchapter, a creditor or assignee of the beneficiary may not reach the interest or a distribution by the trustee before its receipt by the beneficiary.
Acts 2005, No. 1031, § 1.
Arkansas Code of 1987 (2023) › Title 28 - WILLS, ESTATES, AND FIDUCIARY RELATIONSHIPS (§§ 28-1-101 — 28) › Subtitle 5 - FIDUCIARY RELATIONSHIPS (§§ 28-65-101 — 28-77-803) › Chapter 73 - ARKANSAS TRUST CODE (§§ 28-73-101 — 28-73-1106) › Subchapter 5 - CREDITOR'S CLAIMS - SPENDTHRIFT AND DISCRETIONARY TRUSTS (§§ 28-73-501 — 28-73-507) › Section 28-73-504 - Discretionary trusts - Effect of standard

(a)
Whether or not a trust contains a spendthrift provision, a creditor of a beneficiary may not compel a distribution that is subject to the trustee's discretion, even if:
(1)
the discretion is expressed in the form of a standard of distribution; or
(2)
the trustee has abused the discretion.
(b)
This section does not limit the right of a beneficiary to maintain a judicial proceeding against a trustee for an abuse of discretion or failure to comply with a standard for distribution. Under §
28-73-814(a)
, a trustee must always exercise a discretionary power in good faith and with regard to the purposes of the trust and the interests of the beneficiaries.
(c)
A creditor may not reach the interest of a beneficiary who is also a trustee or cotrustee, or otherwise compel a distribution, if the trustee's discretion to make distributions for the trustee's own benefit is limited by an ascertainable standard.
Acts 2005, No. 1031, § 1.
Arkansas Code of 1987 (2023) › Title 28 - WILLS, ESTATES, AND FIDUCIARY RELATIONSHIPS (§§ 28-1-101 — 28) › Subtitle 5 - FIDUCIARY RELATIONSHIPS (§§ 28-65-101 — 28-77-803) › Chapter 73 - ARKANSAS TRUST CODE (§§ 28-73-101 — 28-73-1106) › Subchapter 5 - CREDITOR'S CLAIMS - SPENDTHRIFT AND DISCRETIONARY TRUSTS (§§ 28-73-501 — 28-73-507) › Section 28-73-506 - Overdue distribution

Whether or not a trust contains a spendthrift provision, a creditor or assignee of a beneficiary may reach a mandatory distribution of income or principal, including a distribution upon termination of the trust, if the trustee has not made the distribution to the beneficiary within a reasonable time after the designated distribution date.
Acts 2005, No. 1031, § 1.
Arkansas Code of 1987 (2023) › Title 28 - WILLS, ESTATES, AND FIDUCIARY RELATIONSHIPS (§§ 28-1-101 — 28) › Subtitle 5 - FIDUCIARY RELATIONSHIPS (§§ 28-65-101 — 28-77-803) › Chapter 73 - ARKANSAS TRUST CODE (§§ 28-73-101 — 28-73-1106) › Subchapter 5 - CREDITOR'S CLAIMS - SPENDTHRIFT AND DISCRETIONARY TRUSTS (§§ 28-73-501 — 28-73-507) › Section 28-73-507 - Personal obligations of trustee

Trust property is not subject to personal obligations of the trustee, even if the trustee becomes insolvent or bankrupt.
Acts 2005, No. 1031, § 1.
Arkansas Code of 1987 (2023) › Title 28 - WILLS, ESTATES, AND FIDUCIARY RELATIONSHIPS (§§ 28-1-101 — 28) › Subtitle 5 - FIDUCIARY RELATIONSHIPS (§§ 28-65-101 — 28-77-803) › Chapter 73 - ARKANSAS TRUST CODE (§§ 28-73-101 — 28-73-1106) › Subchapter 6 - REVOCABLE TRUSTS (§§ 28-73-601 — 28-73-604) › Section 28-73-601 - Capacity of settlor of revocable trust

(a)
The capacity required to create, amend, revoke, or add property to a revocable trust, or to direct the actions of the trustee of a revocable trust, is the same as that required to make a will.
(b)
Notwithstanding subsection (a), action taken by an agent under a power of attorney to create, amend, revoke, add property to a revocable trust, or direct the actions of a trustee of a revocable trust is valid if the:
(1)
power of attorney expressly grants the agent the authority to perform the action; and
(2)
settlor had the capacity to take the action at the time the power of attorney was executed.
Amended by Act 2021, No. 804,§ 5, eff. 7/28/2021.
Acts 2005, No. 1031, § 1.
Arkansas Code of 1987 (2023) › Title 28 - WILLS, ESTATES, AND FIDUCIARY RELATIONSHIPS (§§ 28-1-101 — 28) › Subtitle 5 - FIDUCIARY RELATIONSHIPS (§§ 28-65-101 — 28-77-803) › Chapter 73 - ARKANSAS TRUST CODE (§§ 28-73-101 — 28-73-1106) › Subchapter 6 - REVOCABLE TRUSTS (§§ 28-73-601 — 28-73-604) › Section 28-73-602 - Revocation or amendment of revocable trust

(a)
Unless the terms of a trust expressly provide that the trust is irrevocable, the settlor may revoke or amend the trust. This subsection does not apply to a trust created under an instrument executed before September 1, 2005.
(b)
If a revocable trust is created or funded by more than one (1) settlor:
(1)
to the extent the trust consists of community property, the trust may be revoked by either spouse acting alone but may be amended only by joint action of both spouses;
(2)
to the extent the trust consists of property other than community property, each settlor may revoke or amend the trust with regard to the portion of the trust property attributable to that settlor's contribution; and
(3)
upon the revocation or amendment of the trust by fewer than all of the settlors, the trustee shall promptly notify the other settlors of the revocation or amendment.
(c)
The settlor may revoke or amend a revocable trust:
(1)
by substantial compliance with a method provided in the terms of the trust; or
(2)
if the terms of the trust do not provide a method or the method provided in the terms is not expressly made exclusive, by:
(A)
executing a later will or codicil that expressly refers to the trust or specifically devises property that would otherwise have passed according to the terms of the trust; or
(B)
any other method manifesting clear and convincing evidence of the settlor's intent.
(d)
Upon revocation of a revocable trust, the trustee shall deliver the trust property as the settlor directs.
(e)
A settlor's powers with respect to revocation, amendment, or distribution of trust property may be exercised by an agent under a power of attorney only to the extent expressly authorized by the terms of the trust or the power.
(f)
A conservator of the settlor or, if no conservator has been appointed, a guardian of the settlor may exercise a settlor's powers with respect to revocation, amendment, or distribution of trust property only with the approval of the court supervising the conservatorship or guardianship.
(g)
A trustee who does not know that a trust has been revoked or amended is not liable to the settlor or settlor's successors in interest for distributions made and other actions taken on the assumption that the trust had not been amended or revoked.
Acts 2005, No. 1031, § 1.
Arkansas Code of 1987 (2023) › Title 28 - WILLS, ESTATES, AND FIDUCIARY RELATIONSHIPS (§§ 28-1-101 — 28) › Subtitle 5 - FIDUCIARY RELATIONSHIPS (§§ 28-65-101 — 28-77-803) › Chapter 73 - ARKANSAS TRUST CODE (§§ 28-73-101 — 28-73-1106) › Subchapter 6 - REVOCABLE TRUSTS (§§ 28-73-601 — 28-73-604) › Section 28-73-603 - Settlor's powers - Powers of withdrawal

(a)
To the extent a trust is revocable by a settlor, a trustee may follow a direction of the settlor that is contrary to the terms of the trust. To the extent a trust is revocable by a settlor in conjunction with a person other than a trustee or person holding an adverse interest, the trustee may follow a direction from the settlor and the other person holding the power to revoke even if the direction is contrary to the terms of the trust.
(b)
While a trust is revocable and the settlor has capacity to revoke the trust, rights of the beneficiaries are subject to the control of, and the duties of the trustee are owed exclusively to, the settlor.
(c)
During the period the power may be exercised, the holder of a power of withdrawal has the rights of a settlor of a revocable trust under this section to the extent of the property subject to the power.
Amended by Act 2019, No. 1021,§ 3, eff. 1/1/2020.
Acts 2005, No. 1031, § 1.
Arkansas Code of 1987 (2023) › Title 28 - WILLS, ESTATES, AND FIDUCIARY RELATIONSHIPS (§§ 28-1-101 — 28) › Subtitle 5 - FIDUCIARY RELATIONSHIPS (§§ 28-65-101 — 28-77-803) › Chapter 73 - ARKANSAS TRUST CODE (§§ 28-73-101 — 28-73-1106) › Subchapter 6 - REVOCABLE TRUSTS (§§ 28-73-601 — 28-73-604) › Section 28-73-604 - Limitation on action contesting validity of revocable trust - Distribution of trust property

(a)
A person may commence a judicial proceeding to contest the validity of a trust that was revocable at the settlor's death within the earlier of:
(1)
three (3) years after the settlor's death; or
(2)
ninety (90) days after the trustee sent the person a notice informing the person of the trust's existence, the settlor's name, the trustee's name and address, the time allowed for commencing a proceeding, and a description of the beneficiary's interest, if any.
(b)
Upon the death of the settlor of a trust that was revocable at the settlor's death, the trustee may proceed to distribute the trust property in accordance with the terms of the trust. The trustee is not subject to liability for the distribution unless:
(1)
the trustee knows of a pending judicial proceeding contesting the validity of the trust; or
(2)
a potential contestant has notified the trustee of a possible judicial proceeding to contest the trust and a judicial proceeding is commenced within sixty (60) days after the contestant sent the notification.
(c)
A beneficiary of a trust that is determined to have been invalid is liable to return any distribution received.
Acts 2005, No. 1031, § 1.
Arkansas Code of 1987 (2023) › Title 28 - WILLS, ESTATES, AND FIDUCIARY RELATIONSHIPS (§§ 28-1-101 — 28) › Subtitle 5 - FIDUCIARY RELATIONSHIPS (§§ 28-65-101 — 28-77-803) › Chapter 73 - ARKANSAS TRUST CODE (§§ 28-73-101 — 28-73-1106) › Subchapter 7 - OFFICE OF TRUSTEE (§§ 28-73-701 — 28-73-709) › Section 28-73-701 - Accepting or declining trusteeship

(a)
Except as otherwise provided in subsection (c), a person designated as trustee accepts the trusteeship:
(1)
by substantially complying with a method of acceptance provided in the terms of the trust; or
(2)
if the terms of the trust do not provide a method or the method provided in the terms is not expressly made exclusive, by accepting delivery of the trust property, exercising powers or performing duties as trustee, or otherwise indicating acceptance of the trusteeship.
(b)
A person designated as trustee who has not yet accepted the trusteeship may reject the trusteeship. A designated trustee who does not accept the trusteeship within a reasonable time after knowing of the designation is deemed to have rejected the trusteeship.
(c)
A person designated as trustee, without accepting the trusteeship, may:
(1)
act to preserve the trust property if, within a reasonable time after acting, the person sends a rejection of the trusteeship to the settlor or, if the settlor is dead or lacks capacity, to a qualified beneficiary; and
(2)
inspect or investigate trust property to determine potential liability under environmental or other law or for any other purpose.
Acts 2005, No. 1031, § 1.
Arkansas Code of 1987 (2023) › Title 28 - WILLS, ESTATES, AND FIDUCIARY RELATIONSHIPS (§§ 28-1-101 — 28) › Subtitle 5 - FIDUCIARY RELATIONSHIPS (§§ 28-65-101 — 28-77-803) › Chapter 73 - ARKANSAS TRUST CODE (§§ 28-73-101 — 28-73-1106) › Subchapter 7 - OFFICE OF TRUSTEE (§§ 28-73-701 — 28-73-709) › Section 28-73-702 - Trustee's bond

(a)
A trustee shall give bond to secure performance of the trustee's duties only if a court finds that a bond is needed to protect the interests of the beneficiaries or is required by the terms of the trust and the court has not dispensed with the requirement.
(b)
A court may specify the amount of a bond, its liabilities, and whether sureties are necessary. A court may modify or terminate a bond at any time.
(c)
A regulated financial service institution qualified to do trust business in this State need not give bond, even if required by the terms of the trust.
Acts 2005, No. 1031, § 1.
Arkansas Code of 1987 (2023) › Title 28 - WILLS, ESTATES, AND FIDUCIARY RELATIONSHIPS (§§ 28-1-101 — 28) › Subtitle 5 - FIDUCIARY RELATIONSHIPS (§§ 28-65-101 — 28-77-803) › Chapter 73 - ARKANSAS TRUST CODE (§§ 28-73-101 — 28-73-1106) › Subchapter 7 - OFFICE OF TRUSTEE (§§ 28-73-701 — 28-73-709) › Section 28-73-703 - Cotrustees

(a)
Cotrustees who are unable to reach a unanimous decision may act by majority decision.
(b)
If a vacancy occurs in a cotrusteeship, the remaining cotrustees may act for the trust.
(c)
A cotrustee must participate in the performance of a trustee's function unless the cotrustee is unavailable to perform the function because of absence, illness, disqualification under other law, or other temporary incapacity or the cotrustee has properly delegated the performance of the function to another trustee.
(d)
If a cotrustee is unavailable to perform duties because of absence, illness, disqualification under other law, or other temporary incapacity, and prompt action is necessary to achieve the purposes of the trust or to avoid injury to the trust property, the remaining cotrustee or a majority of the remaining cotrustees may act for the trust.
(e)
A trustee may not delegate to a cotrustee the performance of a function the settlor reasonably expected the trustees to perform jointly. Unless a delegation was irrevocable, a trustee may revoke a delegation previously made.
(f)
Except as otherwise provided in subsection (g), a trustee who does not join in an action of another trustee is not liable for the action.
(g)
Each trustee shall exercise reasonable care to:
(1)
prevent a cotrustee from committing a serious breach of trust; and
(2)
compel a cotrustee to redress a serious breach of trust.
(h)
A dissenting trustee who joins in an action at the direction of the majority of the trustees and who notified any cotrustee of the dissent at or before the time of the action is not liable for the action unless the action is a serious breach of trust.
Acts 2005, No. 1031, § 1.
Arkansas Code of 1987 (2023) › Title 28 - WILLS, ESTATES, AND FIDUCIARY RELATIONSHIPS (§§ 28-1-101 — 28) › Subtitle 5 - FIDUCIARY RELATIONSHIPS (§§ 28-65-101 — 28-77-803) › Chapter 73 - ARKANSAS TRUST CODE (§§ 28-73-101 — 28-73-1106) › Subchapter 7 - OFFICE OF TRUSTEE (§§ 28-73-701 — 28-73-709) › Section 28-73-704 - Vacancy in trusteeship - Appointment of successor

(a)
A vacancy in a trusteeship occurs if:
(1)
a person designated as trustee rejects the trusteeship;
(2)
a person designated as trustee cannot be identified or does not exist;
(3)
a trustee resigns;
(4)
a trustee is disqualified or removed;
(5)
a trustee dies; or
(6)
a guardian of the person or conservator is appointed for an individual serving as trustee.
(b)
If one (1) or more cotrustees remain in office, a vacancy in a trusteeship need not be filled. A vacancy in a trusteeship must be filled if the trust has no remaining trustee.
(c)
A vacancy in a trusteeship of a noncharitable trust that is required to be filled must be filled in the following order of priority:
(1)
by a person designated in the terms of the trust to act as successor trustee;
(2)
by a person appointed by unanimous agreement of the qualified beneficiaries; or
(3)
by a person appointed by a court.
(d)
A vacancy in a trusteeship of a charitable trust that is required to be filled must be filled in the following order of priority:
(1)
by a person designated in the terms of the trust to act as successor trustee;
(2)
by a person selected by the charitable organizations expressly designated to receive distributions under the terms of the trust if the Attorney General concurs in the selection; or
(3)
by a person appointed by a court.
(e)
Whether or not a vacancy in a trusteeship exists or is required to be filled, a court may appoint an additional trustee or special fiduciary whenever the court considers the appointment necessary for the administration of the trust.
Acts 2005, No. 1031, § 1.
Arkansas Code of 1987 (2023) › Title 28 - WILLS, ESTATES, AND FIDUCIARY RELATIONSHIPS (§§ 28-1-101 — 28) › Subtitle 5 - FIDUCIARY RELATIONSHIPS (§§ 28-65-101 — 28-77-803) › Chapter 73 - ARKANSAS TRUST CODE (§§ 28-73-101 — 28-73-1106) › Subchapter 7 - OFFICE OF TRUSTEE (§§ 28-73-701 — 28-73-709) › Section 28-73-705 - Resignation of trustee

(a)
A trustee may resign:
(1)
upon at least thirty (30) days' notice to the qualified beneficiaries, the settlor, if living, and all cotrustees; or
(2)
with the approval of a court.
(b)
In approving a resignation, a court may issue orders and impose conditions reasonably necessary for the protection of the trust property.
(c)
Any liability of a resigning trustee or of any sureties on the trustee's bond for acts or omissions of the trustee is not discharged or affected by the trustee's resignation.
(d)
Subsection (a) applies only to irrevocable trusts created on or after September 1, 2005, and to revocable trusts which become irrevocable on or after September 1, 2005.
Acts 2005, No. 1031, § 1.
Arkansas Code of 1987 (2023) › Title 28 - WILLS, ESTATES, AND FIDUCIARY RELATIONSHIPS (§§ 28-1-101 — 28) › Subtitle 5 - FIDUCIARY RELATIONSHIPS (§§ 28-65-101 — 28-77-803) › Chapter 73 - ARKANSAS TRUST CODE (§§ 28-73-101 — 28-73-1106) › Subchapter 7 - OFFICE OF TRUSTEE (§§ 28-73-701 — 28-73-709) › Section 28-73-706 - Removal of trustee

(a)
The settlor, a cotrustee, or a beneficiary may request the court to remove a trustee, or a trustee may be removed by the court on its own initiative.
(b)
A court may remove a trustee if:
(1)
the trustee has committed a serious breach of trust;
(2)
lack of cooperation among cotrustees substantially impairs the administration of the trust;
(3)
because of unfitness, unwillingness, or persistent failure of the trustee to administer the trust effectively, the court determines that removal of the trustee best serves the interests of the beneficiaries; or
(4)
there has been a substantial change of circumstances or removal is requested by all of the qualified beneficiaries, the court finds that removal of the trustee best serves the interests of all of the beneficiaries and is not inconsistent with a material purpose of the trust, and a suitable cotrustee or successor trustee is available.
(c)
Pending a final decision on a request to remove a trustee, or in lieu of or in addition to removing a trustee, the court may order such appropriate relief under §
28-73-1001(b)
as may be necessary to protect the trust property or the interests of the beneficiaries.
Acts 2005, No. 1031, § 1.
Arkansas Code of 1987 (2023) › Title 28 - WILLS, ESTATES, AND FIDUCIARY RELATIONSHIPS (§§ 28-1-101 — 28) › Subtitle 5 - FIDUCIARY RELATIONSHIPS (§§ 28-65-101 — 28-77-803) › Chapter 73 - ARKANSAS TRUST CODE (§§ 28-73-101 — 28-73-1106) › Subchapter 7 - OFFICE OF TRUSTEE (§§ 28-73-701 — 28-73-709) › Section 28-73-707 - Delivery of property by former trustee

(a)
Unless a cotrustee remains in office or a court otherwise orders, and until the trust property is delivered to a successor trustee or other person entitled to it, a trustee who has resigned or been removed has the duties of a trustee and the powers necessary to protect the trust property.
(b)
A trustee who has resigned or been removed shall proceed expeditiously to deliver the trust property within the trustee's possession to the cotrustee, successor trustee, or other person entitled to it.
Acts 2005, No. 1031, § 1.
Arkansas Code of 1987 (2023) › Title 28 - WILLS, ESTATES, AND FIDUCIARY RELATIONSHIPS (§§ 28-1-101 — 28) › Subtitle 5 - FIDUCIARY RELATIONSHIPS (§§ 28-65-101 — 28-77-803) › Chapter 73 - ARKANSAS TRUST CODE (§§ 28-73-101 — 28-73-1106) › Subchapter 7 - OFFICE OF TRUSTEE (§§ 28-73-701 — 28-73-709) › Section 28-73-708 - Compensation of trustee

(a)
If the terms of a trust do not specify the trustee's compensation, a trustee is entitled to compensation that is reasonable under the circumstances.
(b)
If the terms of a trust specify the trustee's compensation, the trustee is entitled to be compensated as specified, but the court may allow more or less compensation if:
(1)
the duties of the trustee are substantially different from those contemplated when the trust was created; or
(2)
the compensation specified by the terms of the trust would be unreasonably low or high.
Acts 2005, No. 1031, § 1.
Arkansas Code of 1987 (2023) › Title 28 - WILLS, ESTATES, AND FIDUCIARY RELATIONSHIPS (§§ 28-1-101 — 28) › Subtitle 5 - FIDUCIARY RELATIONSHIPS (§§ 28-65-101 — 28-77-803) › Chapter 73 - ARKANSAS TRUST CODE (§§ 28-73-101 — 28-73-1106) › Subchapter 7 - OFFICE OF TRUSTEE (§§ 28-73-701 — 28-73-709) › Section 28-73-709 - Reimbursement of expenses

(a)
A trustee is entitled to be reimbursed out of the trust property, with interest as appropriate, for:
(1)
expenses that were properly incurred in the administration of the trust; and
(2)
to the extent necessary to prevent unjust enrichment of the trust, expenses that were not properly incurred in the administration of the trust.
(b)
An advance by the trustee of money for the protection of the trust gives rise to a lien against trust property to secure reimbursement with reasonable interest.
Acts 2005, No. 1031, § 1.
Arkansas Code of 1987 (2023) › Title 28 - WILLS, ESTATES, AND FIDUCIARY RELATIONSHIPS (§§ 28-1-101 — 28) › Subtitle 5 - FIDUCIARY RELATIONSHIPS (§§ 28-65-101 — 28-77-803) › Chapter 73 - ARKANSAS TRUST CODE (§§ 28-73-101 — 28-73-1106) › Subchapter 8 - DUTIES AND POWERS OF TRUSTEE (§§ 28-73-801 — 28-73-818) › Section 28-73-801 - Duty to administer trust

Upon acceptance of a trusteeship, the trustee shall administer the trust in good faith, in accordance with its terms and purposes and the interests of the beneficiaries, and in accordance with this chapter.
Acts 2005, No. 1031, § 1.
Arkansas Code of 1987 (2023) › Title 28 - WILLS, ESTATES, AND FIDUCIARY RELATIONSHIPS (§§ 28-1-101 — 28) › Subtitle 5 - FIDUCIARY RELATIONSHIPS (§§ 28-65-101 — 28-77-803) › Chapter 73 - ARKANSAS TRUST CODE (§§ 28-73-101 — 28-73-1106) › Subchapter 8 - DUTIES AND POWERS OF TRUSTEE (§§ 28-73-801 — 28-73-818) › Section 28-73-803 - Impartiality

If a trust has two (2) or more beneficiaries, the trustee shall act impartially in investing, managing, and distributing the trust property, giving due regard to the beneficiaries' respective interests.
Acts 2005, No. 1031, § 1.
Arkansas Code of 1987 (2023) › Title 28 - WILLS, ESTATES, AND FIDUCIARY RELATIONSHIPS (§§ 28-1-101 — 28) › Subtitle 5 - FIDUCIARY RELATIONSHIPS (§§ 28-65-101 — 28-77-803) › Chapter 73 - ARKANSAS TRUST CODE (§§ 28-73-101 — 28-73-1106) › Subchapter 8 - DUTIES AND POWERS OF TRUSTEE (§§ 28-73-801 — 28-73-818) › Section 28-73-804 - Prudent administration

A trustee shall administer the trust as a prudent person would, by considering the purposes, terms, distributional requirements, and other circumstances of the trust. In satisfying this standard, the trustee shall exercise reasonable care, skill, and caution.
Acts 2005, No. 1031, § 1.
Arkansas Code of 1987 (2023) › Title 28 - WILLS, ESTATES, AND FIDUCIARY RELATIONSHIPS (§§ 28-1-101 — 28) › Subtitle 5 - FIDUCIARY RELATIONSHIPS (§§ 28-65-101 — 28-77-803) › Chapter 73 - ARKANSAS TRUST CODE (§§ 28-73-101 — 28-73-1106) › Subchapter 8 - DUTIES AND POWERS OF TRUSTEE (§§ 28-73-801 — 28-73-818) › Section 28-73-805 - Costs of administration

In administering a trust, the trustee may incur only costs that are reasonable in relation to the trust property, the purposes of the trust, and the skills of the trustee.
Acts 2005, No. 1031, § 1.
Arkansas Code of 1987 (2023) › Title 28 - WILLS, ESTATES, AND FIDUCIARY RELATIONSHIPS (§§ 28-1-101 — 28) › Subtitle 5 - FIDUCIARY RELATIONSHIPS (§§ 28-65-101 — 28-77-803) › Chapter 73 - ARKANSAS TRUST CODE (§§ 28-73-101 — 28-73-1106) › Subchapter 8 - DUTIES AND POWERS OF TRUSTEE (§§ 28-73-801 — 28-73-818) › Section 28-73-806 - Trustee's skills

A trustee who has special skills or expertise, or is named trustee in reliance upon the trustee's representation that the trustee has special skills or expertise, shall use those special skills or expertise.
Acts 2005, No. 1031, § 1.