Kansas Statutes 58a-402. Requirements for creation
Terms Used In Kansas Statutes 58a-402
- 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
- Property: includes personal and real property. See Kansas Statutes 77-201
- Trustee: A person or institution holding and administering property in trust.
(a) A trust is created only if:
(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 Kan. Stat. Ann. § 58a-408, and amendments thereto; or
(C) a trust for a noncharitable purpose, as provided in Kan. Stat. Ann. § 58a-409, and amendments thereto;
(4) the trustee has duties to perform; and
(5) the same person is not the sole trustee and sole beneficiary.
(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.