(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;
(B) a trust for the care of an animal, as provided in section 408 of this title; or
(C) a trust for a noncharitable purpose, as provided in section 409 of this title;
(4) the trustee has duties to perform; and
(5) the same person is not the sole trustee and sole beneficiary of all beneficial interests.
(b) A settlor is deemed to have the capacity to create a trust if:
(1) the trust is created by an agent of the settlor under a power of attorney as described in subdivision 401(5) of this title; and
(2) the settlor had capacity to create a trust at the time the power of attorney was executed.
(c) A beneficiary is definite if the beneficiary can be ascertained now or in the future, subject to any applicable rule against perpetuities.
(d) 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.