Trusts – Effective time of creation of a trust

Trusts – Effective time of creation of a trust

§1821. When testamentary trust created. A testamentary trust is created at the moment of the settlor’s death.

§1822. W’hen inter vivos trust created. An inter vivos trust is created upon execution of the trust instrument.

§1785. Manner in which trustee chosen. An original trustee, an alternate trustee, or a successor trustee may be designated in the trust instrument or chosen by the use of a method provided in the trust instrument, but neither failure of the trust instrument to so provide nor disqualification or removal of the trustee for any reason, incompetence or unwillingness to act of the person so designated or chosen shall invalidate the trust. In such a case, the proper court shall appoint one or more trustees.

§1823. Retroactive nature of trustee’s acceptance. A trustee’s acceptance is retroactive to the date of creation of the trust.