1. A trust is created only if all of the following elements are satisfied:
a. The settlor was competent and indicated an intention to create a trust.
b. The same person is not the sole trustee and sole beneficiary.
c. The trust has a definite beneficiary or a beneficiary who will be definitely ascertained within the period of the applicable rule against perpetuities, unless the trust is a charitable trust, an honorary trust, or a trust for pets.
2. A definite or definitely ascertainable beneficiary includes a beneficiary or class of beneficiaries designated under a power to select the beneficiaries granted by the terms of the trust to the trustee or another person. If the power is not exercised within a reasonable time, the power fails and the property passes to the person or persons who would have taken the property had the power not been conferred.
99 Acts, ch 125, §9, 109; 2002 Acts, ch 1107, §2
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