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§ 14-10402 Requirements for creation

AZ Rev Stat § 14-10402 (2019) (N/A)
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14-10402. Requirements for creation

A. Except as provided in section 14-5409, a trust is created only if all of the following are true:

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 section 14-10408.

(c) A trust for a noncharitable purpose, as provided in section 14-10409.

4. The trustee has duties to perform.

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 or other person 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.

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§ 14-10401 Methods of creating trust
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§ 14-10403 Trusts created in other jurisdictions