Section 36C-4-402 - Requirements for creation(a) 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: b. A trust for the care of an animal, as provided in G.S. 36C-4-408; orc. A trust for a noncharitable purpose, as provided in G.S. 36C-4-409;(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 in the future, subject to any applicable rule against perpetuities.(c) 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.N.C. Gen. Stat. § 36C-4-402
Added by 2005 N.C. Sess. Laws 192, s. 2, eff. 1/1/2006.