(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: (i) A charitable trust; (ii) A trust for the care of an animal, as provided in § 14.5-407 of this subtitle; or (iii) A trust for a noncharitable purpose, as provided in § 14.5- 408 of this subtitle; and (4) The trustee has duties to perform. (b) A beneficiary is definite if the beneficiary can be ascertained now or in the future, subject to any applicable rule against perpetuities. (c) (1) A power in a trustee or in another person under the terms of the trust to select a beneficiary from an indefinite class is valid. (2) If the power described in paragraph (1) of this subsection is not exercised within a reasonable time, the power fails and the property subject to the power passes to the persons that would have taken the property had the power not been conferred.
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