A. A person having the right to designate the recipient of property payable or transferable upon a future event may create a custodial trust upon the occurrence of the future event by designating in writing the recipient, followed in substance by: "as custodial trustee for __________________ (name of beneficiary) under the Uniform Custodial Trust Act".
B. Persons may be designated as substitute or successor custodial trustees to whom the property must be paid or transferred in the order named if the first designated custodial trustee is unable or unwilling to serve.
C. A designation under this section may be made in a will, a trust, a deed, a multiple-party account, an insurance policy, an instrument exercising a power of appointment or a writing designating a beneficiary of contractual rights. Otherwise, to be effective, the designation must be registered with or delivered to the fiduciary, payor, issuer or obligor of the future right.
History: 1978 Comp., § 45-7-504, enacted by Laws 1992, ch. 66, § 51.
Structure New Mexico Statutes
Chapter 45 - Uniform Probate Code
Article 7 - Trust Administration
Section 45-7-501 - Short title.
Section 45-7-502 - Definitions.
Section 45-7-503 - Custodial trust; general.
Section 45-7-504 - Custodial trustee for future payment or transfer.
Section 45-7-505 - Form and effect of receipt and acceptance by custodial trustee; jurisdiction.
Section 45-7-506 - Transfer to custodial trustee by fiduciary or obligor; facility of payment.
Section 45-7-507 - Multiple beneficiaries; separate custodial trusts; survivorship.
Section 45-7-508 - General duties of custodial trustee.
Section 45-7-509 - General powers of custodial trustee.
Section 45-7-510 - Use of custodial trust property.
Section 45-7-511 - Determination of incapacity; effect.
Section 45-7-512 - Exemption of third person from liability.
Section 45-7-513 - Liability to third person.
Section 45-7-515 - Expenses, compensation and bond of custodial trustee.
Section 45-7-517 - Limitations of action against custodial trustee.
Section 45-7-518 - Distribution on termination.
Section 45-7-519 - Methods and forms for creating custodial trusts.
Section 45-7-520 - Applicable law.
Section 45-7-521 - Uniformity of application and construction.