Section 386B.4-020 - Requirements for creation(1) A trust is created only if:(a) The settlor has capacity to create a trust;(b) The settlor indicates an intention to create the trust;(c) The trust has a definite beneficiary or is:2. A trust for the care of an animal under KRS 386B.4-080; or3. A trust for a noncharitable purpose under KRS 386B.4-090;(d) The trustee has duties to perform; and(e) The same person is not the sole trustee and sole beneficiary.(2) 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.Added by 2014 Ky. Acts ch. 25,§ 24, eff. 7/15/2014.