(1) A trust is created only if:
(a) Either:
(I) The settlor has capacity to create a trust and indicates an intention to create a trust; or (II) A statute, judgment, or decree authorizes creation of a trust; (b) The trust has a definite beneficiary or is:
A charitable trust;
A trust for the care of an animal, as provided in section 15-5-408; or
A trust for a noncharitable purpose, as provided in section 15-5-409;
The trustee has duties to perform; and
The same person is not the sole trustee and sole beneficiary.
A beneficiary is definite if the beneficiary can be ascertained now or in the future,subject to any applicable rule against perpetuities.
A power in a trustee to select a beneficiary from an indefinite class is valid. If thepower 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.
Source: L. 2018: Entire article added, (SB 18-180), ch. 169, p. 1160, § 1, effective January 1, 2019.