§ 401.

143 words·~1 min read·/vt/401-2

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

§ 401. Methods of creating trust

A trust may be created:

(1)by transfer of property to another person as trustee or to the trust in the trust’s name during the settlor’s lifetime or by will or other disposition taking effect upon the settlor’s death;

(2)by declaration by the owner of property that the owner holds identifiable property as trustee;

(3)by exercise of a power of appointment in favor of a trustee;

(4)pursuant to a statute or judgment or decree that requires property to be administered in the manner of an express trust; or

(5)by an agent or attorney-in-fact under a power of attorney that expressly grants authority to create the trust. (Added 2009, No. 20, § 1; amended 2009, No. 154 (Adj. Sess.), § 236, eff. Feb. 1, 2011; 2023, No. 60, § 3, eff. July 1, 2023.)