(a) In the agreement establishing a community property trust, spouses may agree on:
(1) The rights and obligations in the property transferred to the trust, notwithstanding when and where the property is acquired or located;
(2) The management and control of the property transferred to the trust;
(3) The disposition of the property transferred to the trust on dissolution, death, or the occurrence or nonoccurrence of another event;
(4) The choice of law governing the interpretation of the trust; and
(5) Any other matter that affects the property transferred to the trust and does not violate public policy or a statute imposing a criminal penalty.
(b)
(1) Either spouse may amend a community property trust regarding the disposition of that spouse's one-half (½) share of the community property in the occurrence of such spouse's death.
(2) Except as provided in subdivision (b)(1), a community property trust may not be amended or revoked unless the agreement itself provides for amendment or revocation.
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