A trust may be created by:
         (1) transfer of property to another person as trustee during the settlor's lifetime or by will or other disposition taking effect upon the settlor's death;
         (2) declaration by the owner of property that the owner holds identifiable property as trustee;
         (3) exercise of a power of appointment in favor of a trustee; or
         (4) judgment or decree of a court.
Source. 2004, 130:1, eff. Oct. 1, 2004. 2008, 97:4, eff. May 21, 2008.