Section 456.4-402

Title XXXI TRUSTS AND ESTATES OF DECEDENTS AND PERSONS UNDER DISABILITY

Chapter 456

Effective - 01 Jan 2005, 2 histories, see footnote   (history) 

  456.4-402.  Requirements for creation. — 1. Other than for a trust created by section 475.092, 475.093, or 511.030, RSMo, 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)

Effective 1-1-05