§60-1604.2. Requirements for creation.
155 words·~1 min read·
/ok/title-60-property/60-1604-2A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
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:
a. a charitable trust, or
b. a trust for a noncharitable purpose, as provided in
Section 27 of this act;
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.
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. Added by Laws 2025, c. 254, § 21, eff. Nov. 1, 2025.