A trust is created only if: The settlor has capacity to create a trust; The settlor indicates an intention to create the trust; The trust has a definite beneficiary or is: A charitable trust; A trust for the care of an animal, as provided in section 19-1304.08; or A trust for a noncharitable purpose, as provided in section 19-1304.09; The trustee has duties to perform; and The same person is not the sole trustee and sole beneficiary. 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.
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