A trust is created only if: The settlor has capacity to create a trust; The settlor indicates an intention to create the trust; The trust has a definite beneficiary or is: A charitable trust; A trust for the care of an animal, as provided in § 14.5–407 of this subtitle; or A trust for a noncharitable purpose, as provided in § 14.5–408 of this subtitle; and The trustee has duties to perform. A beneficiary is definite if the beneficiary can be ascertained now or in the future, subject to any applicable rule against perpetuities. A power in a trustee or in another person under the terms of the trust to select a beneficiary from an indefinite class is valid. If the power described in paragraph (1) of this subsection is not exercised within a reasonable time, the power fails and the property subject to the power passes to the persons that would have taken the property had the power not been conferred.