Iowa Trust Code. § 633.2102 (Thomson West 2003).  Requirements for validity

1.    A trust is created only if all of the following elements are satisfied:

a.    The settlor was competent and indicated an intention to create a trust.

b.    The same person is not the sole trustee and the sole beneficiary.

c.    Unless the trust is a charitable trust, an honorary trust, or a trust for the care of an animal, the trust has a definite beneficiary or a beneficiary who will be definitely ascertained within the period of the applicable rule against perpetuities.

2.    A definite or definitely ascertainable beneficiary includes a beneficiary or class of beneficiaries designated under a power to select the beneficiaries granted by the terms of the trust to the trustee or another person.

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Iowa Trust Code § 633.2105 (Thomson West 2003).  Honorary trusts - trusts for pets

1.    A trust for a lawful noncharitable purpose for which there is no definite or definitely ascertainable beneficiary is valid but may be performed by the trustee for only twenty-one years, whether or not the terms of the trust contemplate a longer duration.

2.    A trust for the care of an animal living at the settlor’s death is valid.  The trust terminates when no living animal is covered by its terms.

3.    A portion of the property of a trust authorized by this section shall not be converted to any use other than its intended use unless the terms of the trust so provide or the court determines that the value of the trust property substantially exceeds the amount required.

4.    The intended use of a trust authorized by this section may be enforced by a person designated for that purpose in the terms of the trust or, if none, by a person appointed by the court.

Added by Acts 1999 (78 G.A.) ch. 125, §12, eff. July 1, 2000.