1. The settlor has capacity to create a trust; or when the trust is created by the settlor’s agent under a power of attorney, which expressly authorizes the agent to create a trust on the settlor’s behalf;
2. The settlor or his agent indicates an intention to create the trust;
3. The trust has a definite beneficiary or is: a. A charitable trust; b. A trust for the care of an animal, as provided in § 64.2-726; or c. A trust for a noncharitable purpose, as provided in § 64.2-727;
5. 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 any applicable rule against perpetuities.
C. 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.