A. 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:
a. a charitable trust, or b. a trust for a noncharitable purpose, as provided in Section 27 of this act;
4. The trustee has duties to perform; and 5. The same person is not the sole trustee and sole beneficiary. B. A beneficiary is definite if the beneficiary can be ascertained now or in the future. C. 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.