§ 401. Methods of creating trust A trust may be created: (1) by transfer of property to another person as trustee or to the trust in the trust’s name during the settlor’s lifetime or by will or other disposition taking effect upon the settlor’s death; (2) by declaration by the owner of property that the […]
§ 402. Requirements for creation (a) A trust is created only if: (1) the settlor has capacity to create a trust; (2) the settlor indicates an intention to create the trust; (3) the trust has a definite beneficiary or is: (A) a charitable trust; (B) a trust for the care of an animal, as provided […]
§ 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 […]
§ 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. (Added 2009, No. 20, § 1.)
§ 405. Charitable purposes; enforcement (a) A charitable trust may be created for the relief of poverty; the advancement of education or religion; the promotion of health, scientific, literary, benevolent, governmental, or municipal purposes; or other purposes the achievement of which is beneficial to the community. (b) If the terms of a charitable trust do […]
§ 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. (Added 2009, No. 20, § 1.)
§ 407. Evidence of oral trust Except as required by a statute other than this title, 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. (Added 2009, No. 20, § 1.)
§ 408. Trust for care of animal (a) A trust may be created to provide for the care of an animal alive during the settlor’s lifetime. The trust terminates upon the death of the animal or, if the trust was created to provide for the care of more than one animal alive during the settlor’s […]
§ 409. Noncharitable trust without ascertainable beneficiary Except as otherwise provided in section 408 of this title or by another statute, the following rules apply: (1) 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 […]
§ 410. Modification or termination of trust; proceedings for approval or disapproval (a) In addition to the methods of termination prescribed by sections 411 through 414 of this title, 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 […]
§ 411. Modification or termination of noncharitable irrevocable trust by consent (a) 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. If, upon petition, the Probate Division of the Superior Court finds […]
§ 412. Modification or termination because of unanticipated circumstances or inability to administer trust effectively (a) The Probate Division of the Superior 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 […]
§ 413. Cy pres (a) Except as otherwise provided in subsection (b) of this section, if a particular charitable purpose becomes unlawful, impracticable, impossible to achieve, or wasteful: (1) the trust does not fail, in whole or in part; (2) the trust property does not revert to the settlor or the settlor’s successors in interest; […]
§ 414. Modification or termination of uneconomic trust (a) After notice to the qualified beneficiaries, the trustee of a trust consisting of trust property having a total value less than $100,000.00 may terminate the trust if the trustee concludes that the value of the trust property is insufficient to justify the cost of administration. (b) […]
§ 415. Reformation to correct mistakes The Probate Division of the Superior 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 […]
§ 416. Modification to achieve settlor’s tax objectives The Probate Division of the Superior Court may modify the terms of a trust to achieve the settlor’s tax objectives if the modification is not contrary to the settlor’s probable intention. The Probate Division of the Superior Court may provide that the modification has retroactive effect. (Added […]
§ 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. […]
§ 418. Intentional and unlawful killing; termination of interest in trust (a) A person who commits an intentional and unlawful killing shall forfeit an interest in a trust: (1) to the extent the trust was funded by the victim of the intentional and unlawful killing or would be funded by the victim’s estate; (2) to […]
