Okla. Stat. tit. 60, § 60-1604.2
This is the official text of Okla. Stat. tit. 60, § 60-1604.2, part of Oklahoma’s Stat. tit. 60, — part of the compiled statutory law of Oklahoma, published by the state as "Stat. tit. 60,." Browse the sections below, each linked to its official government source.
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Requirements for creation
Official statutory text
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, or
b. a trust for a noncharitable purpose, as provided in
Section 27 of this act;
4. The trustee has duties to perform; and
5. The same person is not the sole trustee and sole
beneficiary.
B. A beneficiary is definite if the beneficiary can be
ascertained now or in the future.
C. A power in 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.
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, or
b. a trust for a noncharitable purpose, as provided in
Section 27 of this act;
4. The trustee has duties to perform; and
5. The same person is not the sole trustee and sole
beneficiary.
B. A beneficiary is definite if the beneficiary can be
ascertained now or in the future.
C. A power in 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.
Status: in_force · Read it on the official government site
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