A trust is created only if:
(1) The settlor has capacity to create a trust;
(2) The settlor indicates an intention to create the trust;
(3) The trust has a definite beneficiary or is:
(4) The trustee has duties to perform; and
(5) The same person is not the sole trustee and sole beneficiary.
A charitable trust;
A trust for the care of an animal, as provided in Section 91-8-408; or
A trust for a noncharitable purpose, as provided in Section 91-8-409;
A beneficiary is definite if the beneficiary can be ascertained now or in the future, subject to any applicable rule against perpetuities.
A power in a trustee to select a beneficiary from an indefinite class is valid. If the power is not exercised within a reasonable time, the power fails and the property subject to the power passes to the persons who would have taken the property had the power not been conferred.
A settlor is deemed to have the capacity to create a trust if:
The trust is created by an agent of the settlor under a power of attorney as described in Section 91-8-401(5); and
The settlor had capacity to create a trust at the time the power of attorney was executed.