Current through Pa Acts 2024-53, 2024-56 through 2024-92
Section 7732 - Requirements for creation - UTC 402(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:(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.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.2006, July 7, P.L. 625, No. 98, §9, effective in 120 days [ 11/6/2006].