14-10402
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14-10402. Requirements for creation A. Except as provided in section 14-5409, a trust is created only if all of the following are true: 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 section 14-10408. (c) A trust for a noncharitable purpose, as provided in section 14-10409. 4. The trustee has duties to perform. 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 or other person 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. |