75-7-401. Methods of creating trust. (1) A trust may be created by: (a) 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; (b) declaration by the owner of property that the owner holds identifiable property as trustee; or (c) exercise […]
75-7-402. Requirements for creation. (1) A trust is created only if: (a) the settlor has capacity to create a trust, which standard of capacity shall be the same as for a person to create a will; (b) the settlor indicates an intention to create the trust or a statute, judgment, or decree authorizes the creation […]
75-7-403. Trusts created in other jurisdictions. A trust not created by will is validly created if its creation complies with the law of the jurisdiction in which the trust instrument was executed, or the law of the jurisdiction in which, at the time of creation: (1) the settlor was domiciled, had a place of abode, […]
75-7-404. Trust purposes. A trust may be created only to the extent its purposes are lawful, not contrary to public policy, and possible to achieve. A trust and its terms must be for the benefit of its beneficiaries. Repealed and Re-enacted by Chapter 89, 2004 General Session
75-7-405. Charitable purposes — Enforcement. (1) A charitable trust may be created for the relief of poverty, the advancement of education or religion, the promotion of health, governmental or municipal purposes, or other purposes the achievement of which is beneficial to the community. (2) If the terms of a charitable trust do not indicate a […]
75-7-406. Creation of trust induced by fraud, duress, or undue influence. A trust is void to the extent its creation was induced by fraud, duress, or undue influence. Repealed and Re-enacted by Chapter 89, 2004 General Session
75-7-407. Evidence of oral trust. Except as required by a statute other than this chapter, a trust need not be evidenced by a trust instrument, but the creation of an oral trust and its terms may be established only by clear and convincing evidence. Repealed and Re-enacted by Chapter 89, 2004 General Session
75-7-408. Trust for care of animal. A trust may be created to provide for the care of a pet or animal as provided in Section 75-2-1001. Repealed and Re-enacted by Chapter 89, 2004 General Session
75-7-409. Noncharitable trust without ascertainable beneficiary. A trust may be created for a noncharitable purpose without a definite or definitely ascertainable beneficiary or for a noncharitable but otherwise valid purpose to be selected by the trustee as provided in Section 75-2-1001. Repealed and Re-enacted by Chapter 89, 2004 General Session
75-7-410. Modification or termination of trust — Proceedings for approval or disapproval. (1) In addition to the methods of termination prescribed by Sections 75-7-411 through 75-7-414, a trust terminates to the extent the trust is revoked or expires pursuant to its terms, no purpose of the trust remains to be achieved, or the purposes of […]
75-7-411. Modification or termination of noncharitable irrevocable trust by consent. (1) A noncharitable, irrevocable trust may be modified or terminated upon consent of the settlor and all beneficiaries, even if the modification or termination is inconsistent with a material purpose of the trust. A settlor’s power to consent to a trust’s termination may be exercised […]
75-7-412. Modification or termination because of unanticipated circumstances or inability to administer trust effectively. (1) The court may modify the administrative or dispositive terms of a trust or terminate the trust if, because of circumstances not anticipated by the settlor, modification or termination will further the purposes of the trust. To the extent practicable, the […]
75-7-413. Cy pres. (1) Except as otherwise provided in Subsection (2), if a particular charitable purpose becomes unlawful, impracticable, impossible to achieve, or wasteful: (a) the trust does not fail, in whole or in part; (b) the trust property does not revert to the settlor or the settlor’s successors in interest; and (c) the court […]
75-7-414. Modification or termination of uneconomic trust. (1) After notice to the qualified beneficiaries, the trustee of a trust consisting of trust property having a total value less than $100,000 may terminate the trust if the trustee concludes that the value of the trust property is insufficient to justify the cost of administration. (2) The […]
75-7-415. Reformation to correct mistakes. The court may reform the terms of a trust, even if unambiguous, to conform the terms to the settlor’s intention if it is proved by clear and convincing evidence that both the settlor’s intent and the terms of the trust were affected by a mistake of fact or law, whether […]
75-7-416. Modification to achieve settlor’s tax objectives. To achieve the settlor’s tax objectives, the court may modify the terms of a trust in order to achieve the settlor’s tax objectives. The court may provide that the modification has retroactive effect. Enacted by Chapter 89, 2004 General Session
75-7-417. Combination and division of trusts. After notice to the qualified beneficiaries, a trustee may combine two or more trusts into a single trust or divide a trust into two or more separate trusts, if the result does not impair rights of any beneficiary or adversely affect achievement of the purposes of the trust. Enacted […]
