Creation: Methods; certain property deemed trust property

1. Except as otherwise provided by specific statute or any regulatory or contractual restrictions, a trust may be created by any of the following methods: (a) A declaration by the owner of property that he or she or another person holds the property as trustee. In the absence of a contrary declaration by the owner of the property or of a transfer of the property to a third party and regardless of formal title to the property: (1) Property declared to be trust property, together with all income therefrom and the reinvestment thereof, must remain trust property; and (2) If the property declared to be trust property includes an account, contract, certificate, note, judgment, business interest, contents of a safe deposit box or other property interest that is subject to additions or contributions, all subsequent additions and contributions to the property are also trust property. (b) A transfer of property by the owner during his or her lifetime to another person as trustee. (c) A testamentary transfer of property by the owner to another person as trustee. (d) An exercise of a power of appointment in trust. (e) An enforceable promise to create a trust. 2. A declaration pursuant to paragraph (a) of subsection 1 may, but is not required to, include a schedule or list of trust assets that is signed by the owner of the property or that is incorporated by reference into a document that is signed by the owner of the property. 3. A declaration by the owner of property pursuant to paragraph (a) of subsection 1 that he or she or another person holds all the property of the declarant in trust is sufficient to create a trust over all the property of the declarant that is reliably identified through the use of extrinsic evidence as belonging to the declarant at the time of his or her death.