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11a - Uniform Trust Code

The document is the 2010 version of the Uniform Trust Code, which establishes definitions and rules related to the creation, validity, modification and termination of trusts. It defines key terms like beneficiary, property, settlor and trustee. It also outlines the requirements for creating a valid trust, including that the settlor has capacity and intent to create it, there is a definite or charitable beneficiary, the trustee has duties, and the same person cannot be sole trustee and sole beneficiary.

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Khristian Daniel Chaves
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141 views

11a - Uniform Trust Code

The document is the 2010 version of the Uniform Trust Code, which establishes definitions and rules related to the creation, validity, modification and termination of trusts. It defines key terms like beneficiary, property, settlor and trustee. It also outlines the requirements for creating a valid trust, including that the settlor has capacity and intent to create it, there is a definite or charitable beneficiary, the trustee has duties, and the same person cannot be sole trustee and sole beneficiary.

Uploaded by

Khristian Daniel Chaves
Copyright
© © All Rights Reserved
Available Formats
Download as PDF, TXT or read online on Scribd
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http://www.uniformlaws.org/shared/docs/trust_code/utc_final_rev2010.

pdf

UNIFORM TRUST CODE


(Last Revised or Amended in 2010)

ARTICLE 1
GENERAL PROVISIONS AND DEFINITIONS

SECTION 103. DEFINITIONS. In this Code:[…]

(3) “Beneficiary” means a person that:


(A) has a present or future beneficial interest in a trust, vested or contingent; or
(B) in a capacity other than that of trustee, holds a power of appointment over
trust property. […]

(12) “Property” means anything that may be the subject of ownership, whether real or
personal, legal or equitable, or any interest therein. […]

(15) “Settlor” means a person, including a testator, who creates, or contributes property
to, a trust. If more than one person creates or contributes property to a trust, each person
is a settlor of the portion of the trust property attributable to that person’s contribution
except to the extent another person has the power to revoke or withdraw that
portion.[…]

(18) “Terms of a trust” means the manifestation of the settlor’s intent regarding a trust’s
provisions as expressed in the trust instrument or as may be established by other
evidence that would be admissible in a judicial proceeding.

(19) “Trust instrument” means an instrument executed by the settlor that contains terms
of the trust, including any amendments thereto.

(20) “Trustee” includes an original, additional, and successor trustee, and a cotrustee.

ARTICLE 4
CREATION, VALIDITY, MODIFICATION, AND TERMINATION OF TRUST

SECTION 402. REQUIREMENTS FOR CREATION.

(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 408; or (C) a
trust for a noncharitable purpose, as provided in Section 409;
http://www.uniformlaws.org/shared/docs/trust_code/utc_final_rev2010.pdf

(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.

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