(a) A trust is created 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 in Section 91-8-408; or(C) A trust for a noncharitable purpose, as provided in Section 91-8-409;(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 in the future, subject to any applicable rule against perpetuities.(c) A power in a trustee 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.(d) A settlor is deemed to have the capacity to create a trust if:(1) The trust is created by an agent of the settlor under a power of attorney as described in Section 91-8-401(5); and(2) The settlor had capacity to create a trust at the time the power of attorney was executed.Added by Laws, 2014, ch. of the settlor under a power of attorney as described in Section 91-8-401(5); and(2) The settlor had capacity to create a trust at the time the power of attorney was executed.Added by Laws, 2014, ch. 421, SB 2727, 24, eff. 7/1/2014.
Mississippi Legal Code