Kentucky Statutes 386B.4-010 – Methods of creating trust
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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 on the settlor’s death;
(2) Declaration by the owner of property that the owner holds identifiable property as trustee; or
(3) Exercise of a power of appointment in favor of a trustee.
Effective: July 15, 2014
History: Created 2014 Ky. Acts ch. 25, sec. 23, effective July 15, 2014.
(1) Transfer of property to another person as trustee during the settlor‘s lifetime or by will or other disposition taking effect on the settlor’s death;
Terms Used In Kentucky Statutes 386B.4-010
- Owner: when applied to any animal, means any person having a property interest in such animal. See Kentucky Statutes 446.010
- Person: means any individual or entity as defined in KRS §. See Kentucky Statutes 386B.1-010
- Property: means anything that may be the subject of ownership, whether legal or equitable, or any interest therein. See Kentucky Statutes 386B.1-010
- Settlor: means a person, including a testator, who creates or contributes property to a trust. See Kentucky Statutes 386B.1-010
- Trust: means an express trust established by a trust instrument, including a will, whereby a trustee has the duty to administer a trust asset for the benefit of a named or otherwise described income or principal beneficiary, or both. See Kentucky Statutes 386B.1-010
- Trustee: A person or institution holding and administering property in trust.
- Trustee: includes an original, additional, and successor trustee, and a cotrustee. See Kentucky Statutes 386B.1-010
(2) Declaration by the owner of property that the owner holds identifiable property as trustee; or
(3) Exercise of a power of appointment in favor of a trustee.
Effective: July 15, 2014
History: Created 2014 Ky. Acts ch. 25, sec. 23, effective July 15, 2014.