736.0402 Requirements for creation. - Florida Statutes

736.0402 Requirements for creation.

   (1) A trust is created only if:

   (a) The settlor has capacity to create a trust.

   (b) The settlor indicates an intent 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, as provided in s. 736.0408; or

   3. A trust for a noncharitable purpose, as provided in s. 736.0409.

   (d) The trustee has duties to perform.

   (e) The same person is not the sole trustee and sole beneficiary.

   (2) A beneficiary is definite if the beneficiary can be ascertained now or in the future, subject to any applicable rule against perpetuities.

   (3) A power of 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.

History. s. 4, ch. 2006-217.