Maine § 18-B §402 Requirements for creation

Maine Statutes

§ 18-B §402 — Requirements for creation

Maine·Title 18-B TRUSTS·Part 1 MAINE UNIFORM TRUST CODE·Ch. 4 CREATION, VALIDITY, MODIFICATION AND TERMINATION OF TRUST

1.Requirements. A trust is created only if:

2.Definite beneficiary. A beneficiary is definite if the beneficiary can be ascertained now or in the future, subject to any applicable rule against perpetuities.

3.Power to select beneficiary; failure of power. 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.

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1.
Requirements.
A trust is created only if:
2.
Definite beneficiary.
A beneficiary is definite if the beneficiary can be ascertained now or in the future, subject to any applicable rule against perpetuities.
3.
Power to select beneficiary; failure of power.
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.

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