Section 4-10-403 - Requirements for creation(a) A trust is created only if:(i) The settlor has capacity to create a trust;(ii) The settlor indicates an intention to create the trust;(iii) The trust has a definite beneficiary or is:(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) The trustee has duties to perform; and(v) The same person is not the sole trustee and sole beneficiary.(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.