Utah Code 75-7-401. Methods of creating trust
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(1) A trust may be created by:
Terms Used In Utah Code 75-7-401
- Person: means an individual or an organization. See Utah Code 75-1-201 v2
- Property: includes both real and personal property or any interest therein and means anything that may be the subject of ownership. See Utah Code 75-1-201 v2
- Sign: means , with present intent to authenticate or adopt a record other than a will:(51)(a) to execute or adopt a tangible symbol; or(51)(b) to attach to or logically associate with the record an electronic symbol, sound, or process. See Utah Code 75-1-201 v2
- Trust: includes :
(60)(a)(i) a health savings account, as defined in Section 223of the Internal Revenue Code;(60)(a)(ii) an express trust, private or charitable, with additions thereto, wherever and however created; or(60)(a)(iii) a trust created or determined by judgment or decree under which the trust is to be administered in the manner of an express trust. See Utah Code 75-1-201 v2- Trustee: A person or institution holding and administering property in trust.
- Trustee: includes an original, additional, and successor trustee, and cotrustee, whether or not appointed or confirmed by the court. See Utah Code 75-1-201 v2
(1)(a) 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;(1)(b) declaration by the owner of property that the owner holds identifiable property as trustee; or(1)(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 a high deductible health plan, as defined in Section 223 of the Internal Revenue Code. The health savings 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 account is established regardless of a transfer of cash or other property to the account and, unless required by the trustee or custodian, it is not necessary for any party to sign a health savings account trust or custodial agreement regarding the health savings account. - Trust: includes :