§ 14.5-402
Statutes in effect as of October 1, 2026.
Md. Code Ann., Est. & Trusts § 14.5-402 (2026)
Title 14.5. Maryland Trust Act
Subtitle 4. Creation, Validity, Modification, and Termination of Trust
§ 14.5-402LinkCopy Citation
(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:
(i)
A charitable trust;
(ii)
A trust for the care of an animal, as provided in § 14.5–407 of this subtitle; or
(iii)
A trust for a noncharitable purpose, as provided in § 14.5–408 of this subtitle; and
(4)
The trustee has duties to perform.
(b)
A beneficiary is definite if the beneficiary can be ascertained now or in the future, subject to any applicable rule against perpetuities.
(c)
(1)
A power in a trustee or in another person under the terms of the trust to select a beneficiary from an indefinite class is valid.
(2)
If the power described in paragraph (1) of this subsection is not exercised within a reasonable time, the power fails and the property subject to the power passes to the persons that would have taken the property had the power not been conferred.