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Initial Appointment of the Trustee, and Trustee Qualifications and Acceptance of the Trust

 

Some clients have good reasons for creating trusts and do not know any individuals who are prospective beneficiaries.

At a minimum, the creation of a valid trust requires the identification of one or more beneficiaries, the settlor’s express declaration of an intention to create a trust, the acceptance of the trust by a trustee, and the identification of actual or potential trust property. In most states, a trust can be valid before it is funded with any property, and the trustee can accept appointment and the trust’s terms by an overt action (e.g. acceptance of delivery of trust assets) or by the trustee’s signature.