(1) A trust is created only if:
(a) The settlor has capacity to create a trust.
(b) The settlor indicates an intent to create the trust.
(c) The trust has a definite beneficiary or is:
1. A charitable trust;
2. A trust for the care of an animal, as provided in s. 736.0408; or 3. A trust for a noncharitable purpose, as provided in s. 736.0409.
(d) The trustee has duties to perform.
(e) The same person is not the sole trustee and sole beneficiary.
(2) A beneficiary is definite if the beneficiary can be ascertained now or in the future, subject to any applicable rule against perpetuities.
(3) A power of 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.