1. (1) A trust may be created by:

   1. (a) transfer of property to another person as trustee during the settlor's lifetime or by will or other disposition taking effect upon the settlor's death;
   2. (b) declaration by the owner of property that the owner holds identifiable property as trustee; or
   3. (c) exercise of a power of appointment in favor of a trustee.

2. (2)

   1. (a) A health savings account is established on the first day an individual is covered by a high deductible health plan, as defined in Section 223 of the Internal Revenue Code.
   2. (b) The health savings account shall be opened with a trustee or custodian within the time prescribed by law, without extensions, for filing a federal income tax return for that year.
   3. (c) A health savings account is established regardless of a transfer of cash or other property to the account and, unless required by the trustee or custodian, it is not necessary for any party to sign a health savings account trust or custodial agreement regarding the health savings account.

Renumbered and Amended by Chapter 310, 2025 General Session