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§ 7732. Requirements for creation - UTC 402

Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 20 Pa.C.S.A. Decedents, Estates and FiduciariesEffective: November 6, 2006

Purdon's Pennsylvania Statutes and Consolidated Statutes
Title 20 Pa.C.S.A. Decedents, Estates and Fiduciaries (Refs & Annos)
Chapter 77. Trusts (Refs & Annos)
Subchapter D. Creation, Validity, Modification and Termination of Trust (Refs & Annos)
Effective: November 6, 2006
20 Pa.C.S.A. § 7732
§ 7732. Requirements for creation - UTC 402
Currentness
(a) Requirements.--A trust is created only if:
(1) the settlor has capacity to create a trust;
(2) the settlor signs a writing that indicates an intention to create the trust and contains provisions of the trust;
(3) the trust has a definite beneficiary or is:
(i) a charitable trust;
(ii) a trust for the care of an animal, as provided in section 7738 (relating to trust for care of animal - UTC 408); or
(iii) a trust for a noncharitable purpose, as provided in section 7739 (relating to noncharitable trust without ascertainable beneficiary - UTC 409);
(4) the trustee has duties to perform; and
(5) the same person is not the sole trustee and sole beneficiary of the trust.
(b) (Reserved).
(b.1) Signature by mark or another.--A trust instrument other than a will may be signed by mark or by a person other than the settlor on behalf of and at the direction of the settlor in the same manner as a power of attorney under Chapter 56 (relating to powers of attorney).
(c) Power to select beneficiary from indefinite class.--A power in a trustee to select a beneficiary from an indefinite class is valid. If the power with respect to a noncharitable trust 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) Definition.--As used in this section, the term “definite beneficiary” means a beneficiary that can be ascertained now or in the future, subject to any applicable rule against perpetuities.

Credits

2006, July 7, P.L. 625, No. 98, § 9, effective in 120 days [Nov. 6, 2006].
20 Pa.C.S.A. § 7732, PA ST 20 Pa.C.S.A. § 7732
Current through Act 10 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
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