633.2102  Requirements for validity.

1.  A trust is created only if all of the following elements are satisfied:

a.  The settlor was competent and indicated an intention to create a trust.

b.  The same person is not the sole trustee and sole beneficiary.

c.  Unless the trust is a charitable trust, an honorary trust, or a trust for the care of an animal, the trust has a definite beneficiary or a beneficiary who will be definitely ascertained within the period of the applicable rule against perpetuities.

2.  A definite or definitely ascertainable beneficiary includes a beneficiary or class of beneficiaries designated under a power to select the beneficiaries granted by the terms of the trust to the trustee or another person.

Section History: Recent form

  99 Acts, ch 125, §9, 109


  Section effective July 1, 2000; 99 Acts, ch 125, § 109

Previous Section 633.2101

Next Section 633.2103

Return To Home index

© 2001 Cornell College and League of Women Voters of Iowa

Comments about this site or page? webmaster@legis.iowa.gov.
Please remember that the person listed above does not vote on bills. Direct all comments concerning legislation to State Legislators.

Last update: Mon Jan 22 17:13:42 CST 2001
URL: /DOCS/IACODE/2001/633/2102.html