Arkansas Administrative Code
Agency 006 - Department of Finance and Administration
Division 05 - Division of Revenues
Regulation 1997-4 - Comprehensive Individual Income Tax Regulations
Rule 26-51-102 - DEFINITIONS
Rule 8.26-51-102 - Trust
Universal Citation: AR Admin Rules 8.26-51-102
Current through Register Vol. 49, No. 9, September, 2024
Any arrangement whereby property is transferred with the intention that it be administered by a trustee for anothers benefit. A trust can be created for any purpose which is not illegal and which is not against public policy. The essential elements of a trust are a designated beneficiary and trustee, a fund or other property sufficiently identified to enable title to pass to the trustee, and actual delivery to the trustee with the intention of passing title to the trustee. A fiduciary relationship exists between the trustee and beneficiary.
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