A trust may be created by any of the following methods:
(1) Transfer of property by a settlor to a person as trustee during the settlor's lifetime or by will or other disposition taking effect upon the settlor's death including either of the following:
a. The devise to the trustee of the trust as provided in G.S. 31-47.
b. The designation of the trust as beneficiary of life insurance or other death benefits as provided in G.S. 36C-4-401.1.
(2) Declaration by the owner of property that the owner holds identifiable property as trustee unless the transfer of title of that property is otherwise required by law.
(3) Exercise of a power of appointment in favor of a trustee.
(4) A court by judgment, order, or decree, including the establishment of a trust pursuant to section 1396p(d)(4) of Title 42 of the United States Code. (2005-192, s. 2; 2007-106, s. 14; 2009-267, s. 2; 2011-284, s. 45.)
Sections: Previous 36C-2-208 36C-2-209 36C-3-301 36C-3-302 36C-3-303 36C-3-304 36C-3-305 36C-4-401 36C-4-401.1 36C-4-401.2 36C-4-402 36C-4-403 36C-4-404 36C-4-405 36C-4-405.1 Next
Last modified: March 23, 2014