{"data":{"id":"us-nm/46a-4-402","jurisdiction":"us-nm","citation":"46A-4-402","heading":"Requirements for creation.","body":"A. A trust is created only if:\n(1) the settlor has capacity to create a trust;\n(2) the settlor indicates an intention to create the trust;\n(3) the trust has a definite beneficiary or is:\n(a) a charitable trust;\n(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\n(c) a trust for a noncharitable purpose, as provided in Section 4-409 [46A-4-409 NMSA 1978] of the Uniform Trust Code;\n(4) the trustee has duties to perform; and\n(5) the same person is not the sole trustee and sole beneficiary.\nB. A beneficiary is definite if the beneficiary can be ascertained now or in the future, subject to any applicable rule against perpetuities.\nC. 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.","path":["Chapter 46A - Uniform Trust Code","ARTICLE 4 Creation, Validity, Modification and Termination of Trust"],"source_url":"https://nmonesource.com/nmos/nmsa-unanno/en/item/18548/index.do","current_through":"2024-04-26","vintage":"","retrieved_at":"2026-09-03T15:02:19Z","sha256":"e1747bf4fe06b135d26056ddbf3395704083ae3729412c46d1031db08892ee25","source_id":"us-nm","stale":false,"prev":"us-nm/46a-4-401","next":"us-nm/46a-4-403"},"notice":"GroundRules: Original legal text. Not legal advice."}