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§ 14.5-402. Requirements.

MD Est & Trusts Code § 14.5-402 (2019) (N/A)
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(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:

(i)    A charitable trust;

(ii)    A trust for the care of an animal, as provided in § 14.5–407 of this subtitle; or

(iii)    A trust for a noncharitable purpose, as provided in § 14.5–408 of this subtitle; 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)    (1)    A power in a trustee or in another person under the terms of the trust to select a beneficiary from an indefinite class is valid.

(2)    If the power described in paragraph (1) of this subsection is not exercised within a reasonable time, the power fails and the property subject to the power passes to the persons that would have taken the property had the power not been conferred.

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§ 14.5-401. Creation of trust.
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§ 14.5-403. Validity of trust not created by will.