Section 402 - Requirements for creation1.Requirements. A trust is created only if:A. The settlor has capacity to create a trust; [2003, c. 618, Pt. A, §1(NEW); 2003, c. 618, Pt. A, §2(AFF).]B. The settlor indicates an intention to create the trust; [2003, c. 618, Pt. A, §1(NEW); 2003, c. 618, Pt. A, §2(AFF).]C. The trust has a definite beneficiary or is:(2) A trust for the care of an animal, as provided in section 408; or(3) A trust for a noncharitable purpose, as provided in section 409; [2003, c. 618, Pt. A, §1(NEW); 2003, c. 618, Pt. A, §2(AFF).]D. The trustee has duties to perform; and [2003, c. 618, Pt. A, §1(NEW); 2003, c. 618, Pt. A, §2(AFF).]E. The same person is not the sole trustee and sole beneficiary. [2003, c. 618, Pt. A, §1(NEW); 2003, c. 618, Pt. A, §2(AFF).][2003, c. 618, Pt. A, §1(NEW); 2003, c. 618, Pt. A, §2(AFF).]
2.Definite beneficiary. A beneficiary is definite if the beneficiary can be ascertained now or in the future, subject to any applicable rule against perpetuities.[2003, c. 618, Pt. A, §1(NEW); 2003, c. 618, Pt. A, §2(AFF).]
3.Power to select beneficiary; failure of power. 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.[2003, c. 618, Pt. A, §1(NEW); 2003, c. 618, Pt. A, §2(AFF).]
2003, c. 618, §A1 (NEW) . 2003, c. 618, §A2 (AFF) .