Bill > SB69

This bill revises provisions related to trusts in South Dakota by updating definitions and clarifying the roles and responsibilities of various trust-related parties. The bill introduces and defines new terms such as "trust protector," "trust advisor," and "tax trust advisor," and specifies that these roles can have different levels of fiduciary responsibility depending on the trust instrument. It expands the powers of tax trust advisors, allowing them to make decisions about tax matters like tax elections, return filings, and tax-related transactions. The bill also provides protections for excluded fiduciaries, limiting their liability for actions taken under the direction of trust advisors, and establishes guidelines for how trustees can modify or distribute trust assets to a second trust. Additionally, the bill allows trustees to rely on tax information received from various sources without incurring liability, and provides mechanisms for modifying or terminating irrevocable trusts under certain conditions. These changes aim to provide more flexibility and clarity in trust management while protecting the interests of trustees, advisors, and beneficiaries.

Business and Industry, Justice

https://sdlegislature.gov/#/Session/Bill/25708