New Mexico § 46A-4-402 Requirements for creation

New Mexico Statutes

§ 46A-4-402 — Requirements for creation

New Mexico § 46A-4-402

Ch. 46AUniform Trust Code

Art. 4Creation, Validity, Modification and Termination of

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Bluebook

N.M. Stat. Ann. § 46A-4-402 (2026).

Text

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:

(a)a charitable trust;

(b)a trust for the care of an animal, as provided in Section 4-408 [46A-4-408 NMSA 1978] of the Uniform Trust Code; or (c) a trust for a noncharitable purpose, as provided in Section 4-409 [46A-4- 409 NMSA 1978] of the Uniform Trust Code;

(4)the trustee has duties to perform; and (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

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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: (a) a charitable trust; (b) a trust for the care of an animal, as provided in Section 4-408 [46A-4-408 NMSA 1978] of the Uniform Trust Code; or (c) a trust for a noncharitable purpose, as provided in Section 4-409 [46A-4- 409 NMSA 1978] of the Uniform Trust Code; (4) the trustee has duties to perform; and (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.