386B.4 -020 Requirements for creation. (1) A trust is created only if: (a) The settlor has capacity to create a trust; (b) The settlor indicates an intention to create the trust; (c) The trust has a definite beneficiary or is: 1. A charitable trust; 2. A trust for the care of an animal under KRS 386B.4 -080; or 3. A trust for a no ncharitable purpose under KRS 386B.4 -090; (d) The trustee has duties to perform; and (e) The same person is not the sole trustee and sole beneficiary. (2) A power in a trustee to select a beneficiary from an indefinite class is valid. If the power is not e xercised 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. Effective: July 15, 2014 History: Created 2014 Ky. Acts ch. 25, sec. 24, effective July 15, 2014.
Kentucky Legal Code