Writing required; competency of settlor.
1. Any person competent by law to execute a will or deed may, by writing only, duly executed, by will, conveyance or other writing, create a spendthrift trust in real, personal or mixed property for the benefit of:
(a) A person other than the settlor;
(b) The settlor if the writing is irrevocable, does not require that any part of the income or principal of the trust be distributed to the settlor, and was not intended to hinder, delay or defraud known creditors; or
(c) Both the settlor and another person if the writing meets the requirements of paragraph (b).
2. for the purposes of this section, a writing:
(a) Is “irrevocable” even if the settlor may prevent a distribution from the trust or holds a testamentary special power of appointment or similar power.
(b) Does not “require” a distribution to the settlor if he may receive it only in the discretion of another person.
Last modified: February 25, 2006