701.0401 Methods of creating a trust. A trust may be created by any of the following:
(1) A transfer of property to another person as trustee during the settlor's lifetime, by will, or by other disposition taking effect upon the settlor's death.
(2) A declaration by an owner of property that the owner holds identifiable property as trustee or declaration by any person who intends to create a trust with the expectation that property of the person or others will be transferred to the trust.
(3) An exercise of a power of appointment in favor of a trustee.
(4) A court pursuant to its statutory or equitable powers.
(5) A guardian of the estate or conservator acting with authority of the court, a representative payee, or an agent under a power of attorney that expressly grants authority to create the trust.
(6) Any other manner authorized by statute, regulation, common law, or other provision having the effect of law.
History: 2013 a. 92.
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