(1) Registration may be accomplished by filing a trust registration statement with the court as described in section 15-5- 205 indicating the name and address of the trustee in which the trustee acknowledges the trusteeship. The statement must indicate whether the trust has been registered elsewhere, if known. (2) The statement must identify the trust as follows: (a) In the case of a testamentary trust, by the name of the testator and the date and place of domiciliary probate; (b) In the case of a written inter vivos trust, by the name of each settlor and the original trustee and the date of the trust instrument; or (c) In the case of an oral trust, by information identifying the settlor or other source of funds or assets and describing the time and manner of the trust's creation and the terms of the trust, including the subject matter, beneficiaries, and time of performance. (3) Within sixty days after filing the trust registration statement, the trustee shall notify in writing all cotrustees, qualified beneficiaries, and other fiduciaries and persons having authority to act under the terms of the trust. For purposes of privacy, the names of qualified beneficiaries may be redacted from the copy of the statement filed with the court or provided to other qualified beneficiaries. (4) The trust registration statement must contain language indicating that, because a court will not routinely review or adjudicate matters unless it is specifically requested to do so by a beneficiary, creditor, or other interested person, all interested persons, including beneficiaries and creditors, have the responsibility to protect their own rights and interests in the trust estate. (5) If a trust has been registered in a foreign court, registration in this state is ineffective to the extent it is inconsistent with the foreign registration until the earlier registration is released, or an instrument executed by the trustee and all qualified beneficiaries is filed with the registration in this state.
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