South Dakota Codified Laws 55-3-28. Terms of trust may be reformed by court
Current as of: 2023 | Check for updates
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On petition by a trustee or beneficiary, the court may reform the terms of the trust, based upon a showing by the preponderance of the evidence and without any preliminary showing of an ambiguity, to conform to the trustor‘s intention if the failure to conform was due to a mistake of fact or law or a scrivener’s error and the trustor’s intent can be established. The terms of the trust may be construed or modified, in a manner that does not violate the trustor’s probable intention, to achieve the trustor’s tax objectives.
Terms Used In South Dakota Codified Laws 55-3-28
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- Trustee: A person or institution holding and administering property in trust.
- Trustor: The person who makes or creates a trust. Also known as the grantor or settlor.
Source: SL 1998, ch 282, § 6; SL 2016, ch 231, § 22; SL 2023, ch 161, § 10.