Who is a fiduciary trustee in New Mexico?

Who is a fiduciary trustee in New Mexico?

O. “ trustee ” includes an original, additional or successor trustee, whether or not appointed or confirmed by a court. Read this complete New Mexico Statutes Chapter 46. Fiduciaries and Trusts § 46-3A-102.

When does a trustee have a duty to inform and report?

TAKEAWAYS: A trustee’s duty to inform and report protects the interests of trust beneficiaries and can limit the trustee’s liability. This duty applies to trustees of all irrevocable trusts, including ILITs, even if the trust creator (grantor) is still living.

What does total return Trust mean in NMSA?

N. “ total return trust ” means a trust that is converted to a total return trust pursuant to Section 46-3A-105 NMSA 1978 or a trust the terms of which manifest the settlor’s intent that the trustee will administer the trust in accordance with Section 46-3A-106 NMSA 1978;  and

What should a non professional Trust trustee do?

Due to legal nuances in understanding state statutes and trust agreements, non-professional trustees should consult with legal counsel to determine the scope of, and ensure compliance with, their disclosure obligations.

O. “ trustee ” includes an original, additional or successor trustee, whether or not appointed or confirmed by a court. Read this complete New Mexico Statutes Chapter 46. Fiduciaries and Trusts § 46-3A-102.

N. “ total return trust ” means a trust that is converted to a total return trust pursuant to Section 46-3A-105 NMSA 1978 or a trust the terms of which manifest the settlor’s intent that the trustee will administer the trust in accordance with Section 46-3A-106 NMSA 1978;  and

Who is a qualified beneficiary of a trust?

K. “ qualified beneficiary ” means a beneficiary who, on the date the beneficiary’s qualification is determined: (2) would be a distributee or permissible distributee of trust income or principal if the interest of the distributees described in Paragraph (1) of this subsection terminated on that date;  or