Connecticut General Statutes 45a-499w – Requirements for creation
(a) A trust is created only if:
Terms Used In Connecticut General Statutes 45a-499w
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Beneficiary: means a person that (A) has a present or future beneficial interest in a trust, vested or contingent. See Connecticut General Statutes 45a-499c
- Charitable trust: means a trust, or part of a trust, created (A) for a charitable purpose described in §. See Connecticut General Statutes 45a-499c
- Conservator of the estate: means a person appointed by the court to administer the estate of an adult individual. See Connecticut General Statutes 45a-499c
- Court: means a court of this state having jurisdiction over the matter pursuant to sections 45a-499o and 45a-499p or a court of another state having jurisdiction under the law of the other state. See Connecticut General Statutes 45a-499c
- Donor: The person who makes a gift.
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. Source: OCC
- Property: means anything that may be the subject of ownership, whether real or personal and whether legal or equitable, or any interest therein. See Connecticut General Statutes 45a-499c
- Settlor: means a person, including a testator, that creates or contributes property to a trust. See Connecticut General Statutes 45a-499c
- Trust instrument: means any instrument executed by the settlor, including a will establishing or creating a testamentary trust, that contains terms of the trust, including any amendments thereto. See Connecticut General Statutes 45a-499c
- Trustee: A person or institution holding and administering property in trust.
- Trustee: includes an original, additional and successor trustee and a cotrustee. See Connecticut General Statutes 45a-499c
(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 § 45a-489a; or (C) a trust for a noncharitable purpose under § 45a-499cc; and
(4) The trustee has duties to perform.
(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. With respect to a charitable trust, if no default beneficiary is named in the trust instrument, the property subject to the power passes to one or more charitable purposes or beneficiaries that the court selects. The selection shall be consistent with the settlor’s intention to the extent it can be ascertained.
(d) The settlor’s power to create or contribute to a trust may be exercised by (1) an agent under a power of attorney only to the extent expressly authorized to create or contribute property to a trust; or (2) a conservator of the estate as authorized by the court.
(e) A charitable trust is created if the donor makes a gift with a charitable intent.