[ §554D-409] Noncharitable trust without ascertainable beneficiary.
180 words·~1 min read·
/hi/554d-409A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
[ §554D-409] Noncharitable trust without ascertainable beneficiary. Except as otherwise provided in section 554D-408 or by other law, the following rules apply:
(1)A trust may be created for a noncharitable purpose without a definite or definitely ascertainable beneficiary or for a noncharitable but otherwise valid purpose to be selected by the trustee;
(2)A trust authorized by this section may be enforced by a person appointed in the terms of the trust or, if no person is so appointed, by a person appointed by the court; and
(3)Property of a trust authorized by this section may be applied only to its intended use, except to the extent the court determines that the value of the trust property exceeds the amount required for the intended use; provided that, except as otherwise provided in the terms of the trust, property not required for the intended use shall be distributed to the settlor, if then living; otherwise pursuant to the terms of the settlor's will; or, if none, to the settlor's successors in interest. [L 2021, c 32, pt of §2]