Bill > HB771

This bill amends existing law to permit the establishment of spendthrift trusts in Kentucky. Spendthrift trusts are active trusts that impose valid restraints on the voluntary and involuntary transfer of a beneficiary's interest. The bill adds definitions for key terms like "creditor," "spendthrift trust," and "spendthrift trust adviser." It establishes rules for creating and administering spendthrift trusts, including requirements for the trustee and permitted distributions to the settlor. The bill also sets out limitations on creditors' ability to reach assets in a spendthrift trust and provides protections for trustees and trust advisers. Finally, the bill repeals existing sections of Kentucky law related to spendthrift trusts and creditor claims.

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https://apps.legislature.ky.gov/record/24RS/hb771.html