(a) A trust is created only if:
(1) the settlor has capacity to create a trust;
(2) the settlor indicates an intention to create the trust;
(3) the trust has a definite beneficiary or is:
(A) a charitable trust;
(B) a trust for the care of an animal, as provided in § 28-73-408; or
(C) a trust for a noncharitable purpose, as provided in § 28-73-409;
(4) the trustee has duties to perform; and
(5) the same person is not the sole trustee and sole beneficiary.
(b) A beneficiary is definite if the beneficiary can be ascertained now or in the future, subject to any applicable rule against perpetuities.
(c) A power in a trustee to select a beneficiary from an indefinite class is valid. If the power is not exercised within a reasonable time, the power fails and the property subject to the power passes to the persons who would have taken the property had the power not been conferred.
Section: 28-73-402 28-73-403 28-73-404 28-73-405 28-73-406 28-73-407 28-73-408 28-73-409 28-73-410 28-73-411 28-73-412 28-73-413 28-73-414 28-73-415 NextLast modified: November 15, 2016