(a) trust; Requirements for creation

(a) trust; Requirements for creation. A trust is created only if: (i) The settlor has capacity to create a trust; (ii) The settlor indicates an intention to create the (iii) The trust has a definite beneficiary or is: (A) A charitable trust; (B) A trust for the care of an animal, as provided in W.S. 4-10-409; or (C) A trust for a noncharitable purpose, as provided in W.S. 4-10-410. (iv) (v) beneficiary. The trustee has duties to perform; and The same person is not the sole trustee and sole (b) A beneficiary is definite if the beneficiary can be ascertained now or in the future, subject to W.S. 34-1-139. (c) A power in a trustee, trust advisor, trust protector or other party designated in the trust instrument 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.