Senate Status:
2019 Statute
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58a-402. (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 K.S.A. 58a-408, and amendments thereto; or (C) a trust for a noncharitable purpose, as provided in K.S.A. 58a-409, and amendments thereto; (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. |
History: L. 2002, ch. 133, § 23; Jan. 1, 2003. |
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