(1) A trust is created only if:
(a) The settlor has capacity to create a trust.
(b) The settlor indicates an intent to create the trust.
(c) The trust has a definite beneficiary or is:
1. A charitable trust;
2. A trust for the care of an animal, as provided in s. 736.0408; or
3. A trust for a noncharitable purpose, as provided in s. 736.0409.
(d) The trustee has duties to perform.
(e) The same person is not the sole trustee and sole beneficiary.
(2) A beneficiary is definite if the beneficiary can be ascertained now or in the future, 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.
History.—s. 4, ch. 2006-217.
Structure Florida Statutes
Title XLII - Estates and Trusts
Chapter 736 - Florida Trust Code
Part IV - Creation, Validity, Modification, and Termination (Ss. 736.0401-736.0417)
736.0401 - Methods of creating trust.
736.0402 - Requirements for creation.
736.0403 - Trusts created in other jurisdictions; formalities required for revocable trusts.
736.0405 - Charitable purposes; enforcement.
736.0406 - Effect of fraud, duress, mistake, or undue influence.
736.0407 - Evidence of oral trust.
736.0408 - Trust for care of an animal.
736.0409 - Noncharitable trust without ascertainable beneficiary.
736.0410 - Modification or termination of trust; proceedings for disapproval of nonjudicial acts.
736.04114 - Limited judicial construction of irrevocable trust with federal tax provisions.
736.04117 - Trustee’s power to invade principal in trust.
736.0412 - Nonjudicial modification of irrevocable trust.
736.0414 - Modification or termination of uneconomic trust.
736.0415 - Reformation to correct mistakes.
736.0416 - Modification to achieve settlor’s tax objectives.