Oregon Statutes 130.155 – UTC 402. Requirements for creation
(1) A trust is created only if all of the following requirements are met:
Terms Used In Oregon Statutes 130.155
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Person: includes individuals, corporations, associations, firms, partnerships, limited liability companies and joint stock companies. See Oregon Statutes 174.100
- Trustee: A person or institution holding and administering property in trust.
(a) The settlor has capacity to create a trust.
(b) The settlor indicates an intention to create the trust.
(c) The trust has a definite beneficiary or is:
(A) A charitable trust;
(B) A trust for the care of an animal, as provided in ORS § 130.185;
(C) A trust for a noncharitable purpose, as provided in ORS § 130.190; or
(D) A stewardship trust, as provided in ORS § 130.193.
(d) The trustee has duties to perform.
(e) The same person is not the sole trustee and sole beneficiary.
(2) A beneficiary is definite for the purposes of subsection (1)(c) of this section if the beneficiary can be ascertained when the trust is created or at any time thereafter, 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. [2005 c.348 § 22; 2019 c.162 § 5]