SB 69 expands South Dakota's trust law to recognize a new type of advisor called a "tax trust advisor" who can manage tax-related decisions for trusts, alongside existing investment and distribution advisors. The bill clarifies that trust protectors and these various advisors are only acting as fiduciaries (meaning they have legal duties) when the trust document specifically says they are, except for certain investment, distribution, or tax advisory roles. These changes modernize trust administration to give South Dakota more flexibility in how trusts can be managed.
Signed by the Governor S.J. 538
Delivered to the Governor S.J. 478
Signed by the Speaker H.J. 488
Signed by the President S.J. 455
Senate Concurred in amendments Passed, YEAS 35, NAYS 0. S.J. 433
House of Representatives Do Pass Amended Passed, YEAS 65, NAYS 4. H.J. 428
House of Representatives Motion to amend H.J. 427
Judiciary Do Pass Passed, YEAS 12, NAYS 0.
Judiciary Scheduled for hearing
First read in House and referred to House Judiciary H.J. 134
Senate Do Pass Amended Passed, YEAS 34, NAYS 0. S.J. 102
Commerce and Energy Certified uncontested, placed on consent
Commerce and Energy Do Pass Amended Passed, YEAS 9, NAYS 0.
Commerce and Energy Motion to amend
Commerce and Energy Scheduled for hearing
Senate Referred to Senate Commerce and Energy S.J. 58
First Reading Senate S.J. 14
Prime sponsor · Sen
R
Dist. SD-008
Prime sponsor · Rep
R
Dist. HD-018
Cosponsors
Concurred in amendments
Do Pass Amended
Judiciary — Do Pass
Do Pass Amended
Commerce and Energy — Do Pass Amended