58a-402. Requirements for creation.

58a-402

Chapter 58a.--KANSAS UNIFORM TRUST CODE
Article 4.--CREATION, VALIDITY, MODIFICATION, AND TERMINATION OF TRUST

      58a-402.   Requirements forcreation.(a) A trust iscreated 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:

      (A)   A charitable trust;

      (B)   a trust for the care of an animal, as provided inK.S.A. 58a-408, andamendments thereto; or

      (C)   a trust for a noncharitable purpose, as provided inK.S.A. 58a-409, andamendments thereto;

      (4)   the trustee has duties to perform; and

      (5)   the same person is not the sole trustee and sole beneficiary.

      (b)   A beneficiary is definite if the beneficiary can be ascertained now or inthe future, subjectto any applicable rule against perpetuities.

      (c)   A power in a trustee to select a beneficiary from an indefinite class isvalid. If the poweris not exercised within a reasonable time, the power fails and the propertysubject to the power passes to the persons who would have taken the propertyhad the power not been conferred.

      History:   L. 2002, ch. 133, § 23; Jan. 1, 2003.