(a) A trust is created only if:
(1) The settlor has capacity to create a trust;
(2) The settlor indicates an intention to create the trust;
(3) The trust has a definite beneficiary or is:
(i) A charitable trust;
(ii) A trust for the care of an animal, as provided in § 14.5–407 of this subtitle; or
(iii) A trust for a noncharitable purpose, as provided in § 14.5–408 of this subtitle; and
(4) The trustee has duties to perform.
(b) A beneficiary is definite if the beneficiary can be ascertained now or in the future, subject to any applicable rule against perpetuities.
(c) (1) 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.
(2) 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.
Structure Maryland Statutes
Title 14.5 - Maryland Trust Act
Subtitle 4 - Creation, Validity, Modification, and Termination of Trust
Section 14.5-401 - Creation of Trust
Section 14.5-402 - Requirements
Section 14.5-403 - Validity of Trust Not Created by Will
Section 14.5-404 - Purposes and Benefits
Section 14.5-405 - Void Trusts
Section 14.5-406 - Oral Trusts Established by Clear and Convincing Evidence
Section 14.5-407 - Trusts for Care of Animal
Section 14.5-408 - Noncharitable Trusts
Section 14.5-409 - Termination of Trusts; Institution of Proceedings
Section 14.5-410 - Modification or Termination of Trust
Section 14.5-412 - Termination Without Court Order -- Procedure
Section 14.5-413 - Reforming Terms of Trust
Section 14.5-414 - Modification of Terms for Purposes of Taxes