<html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 55-1-15 - Certain trusts not terminated upon trustor's death. </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2072512Normal { text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2072512SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072512CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2072512Normal-000000 { text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2072512DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2072512Normal-000001 { margin-left: 0.70in; text-indent: -0.45in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-right: 0; margin-bottom: .001pt; } span.s2072512000002 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2072512SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2072512SCL-000003 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } body { text-decoration-skip-ink: none; } </style></head><body><div><p dir="ltr" class="s2072512Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=55-1-15"><span class="s2072512SENU">55-1-15</span></a><span xml:space="preserve" class="s2072512SENU">. </span><span class="s2072512CL">Certain trusts not terminated upon trustor's death.</span></p><p dir="ltr" class="s2072512Normal-000000"><span class="s2072512DefaultParagraphFont">A trust which provides for one or more successor beneficiaries upon the death of the trustor is not invalid, merged or terminated if:</span></p><p dir="ltr" class="s2072512Normal-000001"><span class="s2072512DefaultParagraphFont">(1)    There is a trustor who is the sole trustee and the sole beneficiary during the trustor's lifetime; or</span></p><p dir="ltr" class="s2072512Normal-000001"><span class="s2072512DefaultParagraphFont">(2)    There are two or more trustors, one or more of whom is trustee, and the beneficial interest of the trust is in one or more of the trustors during the lifetime of the trustors.</span></p><p dir="ltr" class="s2072512Normal"><span xml:space="preserve" class="s2072512000002"> </span></p><p dir="ltr" class="s2072512Normal"><span class="s2072512SCL">Source:</span><span xml:space="preserve" class="s2072512SCL-000003"> SL 1991, ch 395, § 1.</span></p></div></body></html>