55-544.01 - Methods of creating trust. - Virginia Statutes

§ 55-544.01. Methods of creating trust.

A trust may be created by:

1. Transfer of property to another person as trustee during the settlor'slifetime by the settlor or by the settlor's agent, acting in accordance with§ 26-85, under a power of attorney, which expressly authorizes the agent tocreate a trust on settlor's behalf; or by will or other disposition takingeffect upon the settlor's death;

2. Declaration by the owner of property that the owner holds identifiableproperty as trustee; or

3. Exercise of a power of appointment in favor of a trustee.

(2005, c. 935; 2010, cc. 455, 632.)