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Title XXXI TRUSTS AND ESTATES OF DECEDENTS AND PERSONS UNDER DISABILITY

Chapter 456

previous next Effective - 28 Aug 2006bottom

  456.4-402.  Requirements for creation. — 1.  Other than for a trust created by section 475.092, 475.093, or 511.030, or 42 U.S.C. Section 1396p(d)(4), 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 section 456.4-408; or

  (c)  a trust for a noncharitable purpose, as provided in section 456.4-409;

  (4)  the trustee has duties to perform; and

  (5)  the same person is not the sole trustee and sole beneficiary.

  2.  A beneficiary is definite if the beneficiary can be ascertained now or in the future, subject to any applicable rule against perpetuities.

  3.  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.

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(L. 2004 H.B. 1511, A.L. 2006 S.B. 892)


---- end of effective   28 Aug 2006 ----

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