75-7-401 - Methods of creating trust. - Utah Statutes

75-7-401. Methods of creating trust.
(1) A trust may be created by:
(a) transfer of property to another person as trustee during the settlor's lifetime or by willor other disposition taking effect upon the settlor's death;
(b) declaration by the owner of property that the owner holds identifiable property astrustee; or
(c) exercise of a power of appointment in favor of a trustee.
(2) A health savings account is established on the first day an individual is covered by ahigh deductible health plan, as defined in Section 223 of the Internal Revenue Code. The healthsavings account shall be opened with a trustee or custodian within the time prescribed by law,without extensions, for filing a federal income tax return for that year. A health savings accountis established regardless of a transfer of cash or other property to the account and, unless requiredby the trustee or custodian, it is not necessary for any party to sign a health savings account trustor custodial agreement regarding the health savings account.

Amended by Chapter 278, 2009 General Session