Methods of creating trust

A trust may be created by: (1) transfer of property to another person as trustee during the settlor's lifetime or by will or other disposition taking effect upon the settlor's death; (2) declaration by the owner of property that the owner holds identifiable property as trustee; (3) exercise of a power of appointment in favor of a trustee; or (4) an agent under a power of attorney that expressly grants the agent the authority to create a trust. Amended by Act 2021, No. 804,§ 3, eff. 7/28/2021. Acts 2005, No. 1031, § 1. A trust may be created by: (1) transfer of property to another person as trustee during the settlor's lifetime or by will or other disposition taking effect upon the settlor's death; (2) declaration by the owner of property that the owner holds identifiable property as trustee; (3) exercise of a power of appointment in favor of a trustee; or (4) an agent under a power of attorney that expressly grants the agent the authority to create a trust. Amended by Act 2021, No. 804,§ 3, eff. 7/28/2021. Acts 2005, No. 1031, § 1.