Section 91-8-401 - Methods of creating trustA trust may be created by:
(1) Transfer of property to another person as trustee or a transfer in the name of the trust during the settlor's lifetime or by will or other disposition taking effect upon the settlor's death;(2) Declaration by the owner of property that the owner holds identifiable property as trustee;(3) Exercise of a power of appointment in favor of a trustee;(4) A court pursuant to its statutory or equitable powers; or(5) By an agent or attorney-in-fact under a power of attorney that:(A) Expressly grants authority to create the trust; or(B) Grants the agent or attorney-in-fact the authority to act in the management and disposition of the principal's property that is as broad or comprehensive as the principal could exercise for himself or herself and that does not expressly exclude the authority to create a trust. An agent or attorney-in-fact may file a petition for the court to determine whether a power of attorney described in this section grants the agent or attorney-in-fact authority that is as broad or comprehensive as that which the principal could exercise for himself or herself.Amended by Laws, 2016, ch. 396, SB 2211, 4, eff. 7/1/2014.Added by Laws, 2014, ch. 421, SB 2727, 23, eff. 7/1/2014.