75B-2-401. Methods of creating trust.
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/ut/title-75b/chapter-2/75b-2-401A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Effective 5/7/2025
75B-2-401. Methods of creating trust.
(1)A trust may be created by:
(a)transfer of property to another person as trustee during the settlor's lifetime or by will or other disposition taking effect upon the settlor's death;
(b)declaration by the owner of property that the owner holds identifiable property as trustee; or
(c)exercise of a power of appointment in favor of a trustee.
(a)A health savings account is established on the first day an individual is covered by a high deductible health plan, as defined in Section 223 of the Internal Revenue Code.
(b)The health savings account shall be opened with a trustee or custodian within the time prescribed by law, without extensions, for filing a federal income tax return for that year.
(c)A health savings account is established regardless of a transfer of cash or other property to the account and, unless required by the trustee or custodian, it is not necessary for any party to sign a health savings account trust or custodial agreement regarding the health savings account.
Renumbered and Amended by Chapter 310 , 2025 General Session