Current through the 2024 Legislative Session
Section 55-1-39 - Bifurcation of trustTo the extent a trust contains any combination of a mandatory provision, a support provision, the trust shall be bifurcated as follows:
(1) The trust shall be a mandatory interest only to the extent of the mandatory language;(2) The trust shall be a support interest only to the extent of such support language;(3) The remaining trust property shall be held as a discretionary interest;(4) A support interest that includes mandatory language such as "shall" but is subsequently qualified by discretionary language, shall be classified as a discretionary interest and not as a support interest.