An arrangement is a community property trust if one or both settlor spouses transfer property to a trust that:

1. (1)
   Expressly declares that the trust is a community property trust within the meaning of this part.
2. (2)
   Has at least one trustee who is a qualified trustee, provided that both spouses or either spouse also may be a trustee.
3. (3)
   Is signed by both settlor spouses consistent with the formalities required for the execution of a trust under this chapter.
4. (4)
   Contains substantially the following language in capital letters at the beginning of the community property trust agreement: