Requirements for creation

1. Law
2. Mississippi Code
3. Trusts and Estates
4. Mississippi Uniform Trust Code
5. Creation, validity, modification, and termination of trust
6. Requirements for creation

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:
4. The trustee has duties to perform; and
5. The same person is not the sole trustee and sole beneficiary.

A charitable trust;

A trust for the care of an animal, as provided in Section 91-8-408; or

A trust for a noncharitable purpose, as provided in Section 91-8-409;

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 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.

A settlor is deemed to have the capacity to create a trust if:

The trust is created by an agent of the settlor under a power of attorney as described in Section 91-8-401(5); and

The settlor had capacity to create a trust at the time the power of attorney was executed.

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