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.
99 Acts, ch 125, §9, 109
Section effective July 1, 2000; 99 Acts, ch 125, § 109
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