The Arizona Revised Statutes have been updated to include the revised sections from the 56th Legislature, 1st Regular Session. Please note that the next update of this compilation will not take place until after the conclusion of the 56th Legislature, 2nd Regular Session, which convenes in January 2024.
DISCLAIMER
This online version of the Arizona Revised Statutes is primarily maintained for legislative drafting purposes and reflects the version of law that is effective on January 1st of the year following the most recent legislative session. The official version of the Arizona Revised Statutes is published by Thomson Reuters.
A. Except as provided in section 14-5409, a trust is created only if all of the following are true:
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 in section 14-10408.
(c) A trust for a noncharitable purpose, as provided in section 14-10409.
4. The trustee has duties to perform.
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, subject to any applicable rule against perpetuities.
C. A power in a trustee or other person 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.