386B.4-020 Requirements for creation
(1) A trust is created only if:
(a) The settlor has capacity to create a trust;
(b) The settlor indicates an intention to create the trust;
(c) The trust has a definite beneficiary or is:
1. A charitable trust;
2. A trust for the care of an animal under KRS 386B.4-080; or
3. A trust for a noncharitable purpose under KRS 386B.4-090;
(d) The trustee has duties to perform; and
(e) The same person is not the sole trustee and sole beneficiary.
(2) 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.
HISTORY: 2014 c 25, § 24, eff. 7-15-14