Section 75-7-402 - Requirements for creation(1) A trust is created only if:(a) the settlor has capacity to create a trust, which standard of capacity shall be the same as for a person to create a will;(b) the settlor indicates an intention to create the trust or a statute, judgment, or decree authorizes the creation of a trust;(c) the trust has a definite beneficiary or is:(ii) a trust for the care of an animal, as provided in Section 75-2-1001; or(iii) a trust for a noncharitable purpose, as provided in Section 75-2-1001;(d) the trustee has duties to perform; and(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 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.Repealed and Re-enacted by Chapter 89, 2004 General Session.