Section 401 - Methods of creating trustA trust may be created:
(1) by transfer of property to another person as trustee or to the trust in the trust's name during the settlor's lifetime or by will or other disposition taking effect upon the settlor's death;(2) by declaration by the owner of property that the owner holds identifiable property as trustee;(3) by exercise of a power of appointment in favor of a trustee;(4) pursuant to a statute or judgment or decree that requires property to be administered in the manner of an express trust; or(5) by an agent or attorney-in-fact under a power of attorney that expressly grants authority to create the trust;Amended by 2023 , No. 60, § 3, eff. 7/1/2023.Added 2009 , No. 20, § 1; amended 2009 , No. 154 (Adj. Sess.), § 236, eff. 2/1/2011.