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§ 91-8-402. Requirements for creation

MS Code § 91-8-402 (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:

(A) A charitable trust;

(B) A trust for the care of an animal, as provided in Section 91-8-408; or

(C) A trust for a noncharitable purpose, as provided in Section 91-8-409;

(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.

(d) A settlor is deemed to have the capacity to create a trust if:

(1) The trust is created by an agent of the settlor under a power of attorney as described in Section 91-8-401(5); and

(2) The settlor had capacity to create a trust at the time the power of attorney was executed.

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§ 91-8-401. Methods of creating trust
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§ 91-8-403. Trusts created in other jurisdictions