456.4-402. 1. Other than for a trust created by section 475.092,475.093, or 511.030, RSMo, or 42 U.S.C. Section 1396p(d)(4), a trust iscreated 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 section456.4-408; or
(c) a trust for a noncharitable purpose, as provided in section456.4-409;
(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 ascertainednow or in the future, subject to any applicable rule against perpetuities.
3. A power in a trustee to select a beneficiary from an indefiniteclass 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 personswho would have taken the property had the power not been conferred.
456.4-402. 1. Other than for a trust created by section 475.092,475.093, or 511.030, RSMo, or 42 U.S.C. Section 1396p(d)(4), a trust iscreated 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 section456.4-408; or
(c) a trust for a noncharitable purpose, as provided in section456.4-409;
(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 ascertainednow or in the future, subject to any applicable rule against perpetuities.
3. A power in a trustee to select a beneficiary from an indefiniteclass 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 personswho would have taken the property had the power not been conferred.
456.4-402. 1. Other than for a trust created by section 475.092,475.093, or 511.030, RSMo, or 42 U.S.C. Section 1396p(d)(4), a trust iscreated 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 section456.4-408; or
(c) a trust for a noncharitable purpose, as provided in section456.4-409;
(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 ascertainednow or in the future, subject to any applicable rule against perpetuities.
3. A power in a trustee to select a beneficiary from an indefiniteclass 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 personswho would have taken the property had the power not been conferred.
