New Jersey Statutes Title 3B. Administration of Estates Decedents and Others 3B § 31-19

a. A trust is created only if:

b. A beneficiary is definite if the beneficiary can be ascertained now or in the future, subject to the provisions of section 14 of P.L.1999, c. 159 (C.46:2F-10) or any other applicable rule against perpetuities.

c. A power in a trustee to select a beneficiary from an indefinite class is valid if exercised within a reasonable time and is not void as provided in section 14 of P.L.1999, c. 159 (C.46:2F-10) or any other applicable rule against perpetuities or restraint on alienation. If invalid, 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.

d. A written instrument which creates a trust or transfers property to a trust shall not be invalid or ineffective because the transferee is identified as the trust rather than the trustee thereof.