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Pennsylvania Statutes Title 20 Pa.C.S.A. Decedents, Estates and Fiduciaries § 7732. Requirements for creation - UTC 402

Current as of January 01, 2025 | Updated by Findlaw Staff

(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.

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Cite this article: FindLaw.com - Pennsylvania Statutes Title 20 Pa.C.S.A. Decedents, Estates and Fiduciaries § 7732. Requirements for creation - UTC 402 - last updated January 01, 2025 | https://codes.findlaw.com/pa/title-20-pacsa-decedents-estates-and-fiduciaries/pa-csa-sect-20-7732/

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