Ark. Code R. 26-51-102 - 8 (1997) - Trust

Any arrangement whereby property is transferred with the intention that it be administered by a trustee for anothers benefit. A trust can be created for any purpose which is not illegal and which is not against public policy. The essential elements of a trust are a designated beneficiary and trustee, a fund or other property sufficiently identified to enable title to pass to the trustee, and actual delivery to the trustee with the intention of passing title to the trustee. A fiduciary relationship exists between the trustee and beneficiary.