1. The settlor has capacity to create a trust; or when the trust is createdby the settlor's agent under a power of attorney, which expressly authorizesthe agent to create a trust on the settlor's behalf;
2. The settlor or his agent 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 § 55-544.08; or
c. A trust for a noncharitable purpose, as provided in § 55-544.09;
4. The trustee has duties to perform; and
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 inthe future, subject to any applicable rule against perpetuities.
C. A power in a trustee to select a beneficiary from an indefinite class isvalid. If the power is not exercised within a reasonable time, the powerfails and the property subject to the power passes to the persons who wouldhave taken the property had the power not been conferred.
1. The settlor has capacity to create a trust; or when the trust is createdby the settlor's agent under a power of attorney, which expressly authorizesthe agent to create a trust on the settlor's behalf;
2. The settlor or his agent 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 § 55-544.08; or
c. A trust for a noncharitable purpose, as provided in § 55-544.09;
4. The trustee has duties to perform; and
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 inthe future, subject to any applicable rule against perpetuities.
C. A power in a trustee to select a beneficiary from an indefinite class isvalid. If the power is not exercised within a reasonable time, the powerfails and the property subject to the power passes to the persons who wouldhave taken the property had the power not been conferred.
1. The settlor has capacity to create a trust; or when the trust is createdby the settlor's agent under a power of attorney, which expressly authorizesthe agent to create a trust on the settlor's behalf;
2. The settlor or his agent 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 § 55-544.08; or
c. A trust for a noncharitable purpose, as provided in § 55-544.09;
4. The trustee has duties to perform; and
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 inthe future, subject to any applicable rule against perpetuities.
C. A power in a trustee to select a beneficiary from an indefinite class isvalid. If the power is not exercised within a reasonable time, the powerfails and the property subject to the power passes to the persons who wouldhave taken the property had the power not been conferred.
