South Dakota Codified Laws 55-13A-602. Application of chapter to existing trusts and estates
This chapter applies to every trust or will created after July 1, 2007, except as otherwise expressly provided in the will or the terms of the trust or in this chapter. No trust or decedent‘s estate based upon a will executed after July 1, 2007, may utilize the provisions of chapter 55-13. Every trust existing on June 30, 2007, or any decedent’s estate existing on June 30, 2007, and based upon a will executed prior to July 1, 2007, may elect to apply the provisions of either chapter 55-13 or this chapter. The election may be made by the trustee or personal representative upon providing sixty days written notice of the election to the beneficiaries of the trust or estate, as the case may be.
Any election made prior to July 1, 2008, is hereby ratified and remains in full force and effect.
Terms Used In South Dakota Codified Laws 55-13A-602
- Decedent: A deceased person.
- Trustee: A person or institution holding and administering property in trust.
- written: include typewriting and typewritten, printing and printed, except in the case of signatures, and where the words are used by way of contrast to typewriting and printing. See South Dakota Codified Laws 2-14-2
The provisions of § 55-13A-409 as amended by SL 2009, ch 252, § 35 apply to a trust described in § 55-13A-409(d) on and after the following dates:
(1) If the trust is not funded as of July 1, 2009, the date of the decedent’s death;
(2) If the trust is initially funded in the calendar year beginning January 1, 2010, the date of the decedent’s death;
(3) If the trust is not described in subdivision (1) or (2), January 1, 2010.
Source: SL 2007, ch 282, § 33; SL 2008, ch 257, § 15; SL 2009, ch 252, § 37.