2006 South Dakota Code - 55-2-13 — Trustee to notify qualified beneficiaries of existence of irrevocable trust--"Qualifiedbeneficiary" defined--Time--Contents of notice.

             (1)      Is a distributee or permissible distributee of trust income or principal;

             (2)      Would be a distributee or permissible distributee of trust income or principal if the interests of the distributees terminated on that date; or

             (3)      Would be a distributee or permissible distributee of trust income or principal if the trust terminated on that date.

     Except as otherwise provided by the terms of the trust or otherwise directed by the grantor at any time, within sixty days after the date the trustee of an irrevocable trust acquires knowledge of the creation of an irrevocable trust, or upon the date the trustee acquires knowledge that a formerly revocable trust has become irrevocable, whether by death of the trustor or otherwise, the trustee shall notify the qualified beneficiaries of the trust's existence, of the identity of the trustor or trustors, and of the right of the beneficiary to request a copy of the trust instrument.

     A trustee of an irrevocable trust:

             (1)      Upon request of a qualified beneficiary, shall promptly furnish to the qualified beneficiary a copy of the trust instrument;

             (2)      If notification of the trust has not been accomplished pursuant to this section within sixty days after accepting a trusteeship, shall notify the qualified beneficiaries of the acceptance and of the trustee's name, address, and telephone number;

             (3)      Shall promptly respond to a qualified beneficiary's request for information related to the administration of the trust, unless the request is unreasonable under the circumstances.

     The provisions of this section are effective for trusts created after July 1, 2002.

Source: SL 2002, ch 100, § 15.