law: Indian Trusts Act, 1882 
  10. Who may be trustee 
  Every person capable of holding property may be a trustee; but,
  
  where the trust involves the exercise of discretion, he cannot execute it
  
  unless he is competent to contract.
  No one bound to accept trust : No one is bound
  
  to accept a trust.
  Acceptance of trust: A trust is accepted by any words or
  
  acts of the trustee indicating with reasonable certainty such acceptance.
  Disclaimer of trust : Instead of accepting a trust, the
  
  intended trustee may, within a reasonable period, disclaim it, and such
  
  disclaimer shall prevent the trust-property from vesting in him.
  A disclaimer by one of two or more co-trustees vests the
  
  trust-property in the other or others, and makes him or them sole trustee or
  
  trustees from the date of the creation of the trust.
  Illustrations 
  (a) A bequeaths certain property to B and C, his executors, as
  
  trustees for D. B and C prove A's will. This is in itself an acceptance of the
  
  trust, and B and C hold the property in trust for D.
  (b) A transfers certain property to B in trust to sell it and to
  
  pay out of the proceeds A's debts. B accepts the trust and sells the property.
  
  So far as regards B, a trust of the proceeds is created for A's creditors.
  (c) A bequeaths a lakh of rupees to B upon certain trusts and
  
  appoints him his executor. B severs the lakh from the general assets and
  
  appropriates it to the specific purpose. This is an acceptance of the trust.