701.0401 Methods of creating a trust. A trust may be created by any of the following: (1) A transfer of property to another person as trustee during the settlor’s lifetime, by will, or by other disposition taking effect upon the settlor’s death. (2) A declaration by an owner of property that the owner holds identifiable property as trustee or declaration by any person who intends to create a trust with the expectation that property of the person or others will be transferred to the trust. (3) An exercise of a power of appointment in favor of a trustee. (4) A court pursuant to its statutory or equitable powers. (5) A guardian of the estate or conservator acting with authority of the court, a representative payee, or an agent under a power of attorney that expressly grants authority to create the trust. (5m) A declaration of an intent to create a trust with the intention that the trust will later be funded by assets of the person who created the trust or by another person with legal authority to fund the trust. The person making the declaration is considered to have created the trust, regardless of whether the person funds the trust with the person’s own assets. (6) Any other manner authorized by statute, regulation, common law, or other provision having the effect of law.
TRUSTS
701.0408
1. A charitable trust. 2. A trust for the care of an animal, as provided in s. 701.0408. 3. A trust for a noncharitable purpose, as provided in s. 701.0409. (d) The trustee has duties to perform. (e) The same person is not the sole trustee and sole beneficiary, and there are no remainder beneficiaries other than the person’s estate. (2) A beneficiary is definite if the beneficiary can be ascertained at the time the trust is created or in the future. (3) A power in a trustee or trust protector 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. (4) The capacity required to create a trust is the same as the capacity to make a will. History: 2013 a. 92; 2023 a. 127.