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2017 Mississippi Code
Title 91 - Trusts and Estates
Chapter 8 - Mississippi Uniform Trust Code
Article 4 - Creation, Validity, Modification, and Termination of Trust
§ 91-8-402. Requirements for creation
Universal Citation: MS Code § 91-8-402 (2017)
- (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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