The Florida Senate

¹736.0402  Requirements for creation.--

(1)  A trust is created only if:

(a)  The settlor has capacity to create a trust.

(b)  The settlor indicates an intent to create the trust.

(c)  The trust has a definite beneficiary or is:

1.  A charitable trust;

2.  A trust for the care of an animal, as provided in s. 736.0408; or

3.  A trust for a noncharitable purpose, as provided in s. 736.0409

(d)  The trustee has duties to perform.

(e)  The same person is not the sole trustee and sole beneficiary.

(2)  A beneficiary is definite if the beneficiary can be ascertained now or in the future, subject to any applicable rule against perpetuities.

(3)  A power of a trustee to select a beneficiary from an indefinite class is valid. If the power 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.

History.--s. 4, ch. 2006-217.

¹Note.--Effective July 1, 2007.