Current as of November 2026. General information, not legal or tax advice.
New Mexico adopted the Uniform Trust Code as Chapter 46A of the statutes, with its sixty-day notices applying from July 1, 2003. It keeps the uniform annual report and adds an unusual rule: a settlor can waive the reporting duties only while the trustee is a regulated financial institution, and only by a conspicuous written waiver.
Who must provide an accounting in New Mexico
Section 46A-8-813 requires the trustee to keep the qualified beneficiaries reasonably informed about the administration and the material facts they need to protect their interests, and to respond promptly to a request for information unless that would be unreasonable. On request, the trustee furnishes a copy of the trust instrument.
Within 60 days after accepting a trusteeship, the trustee notifies the qualified beneficiaries of the acceptance and of the trustee's name, address and telephone number. Within 60 days after learning that an irrevocable trust has been created, or that a revocable trust has become irrevocable, the trustee tells them of the trust's existence, the settlor's identity, their right to request a copy of the trust instrument, and their right to a trustee's report. The trustee also gives advance notice of any change in compensation.
The report goes at least annually and at termination to the distributees or permissible distributees, and to any other beneficiary who requests it. A beneficiary may waive reports and later withdraw the waiver.
A settlor's waiver of the inform and report duties is effective only while the trustee is a regulated financial institution qualified to do trust business in New Mexico. The waiver must be conspicuous, appear in the trust terms or a separate affidavit signed by the settlor, and state that the settlor understands its risks and consequences. It can withhold information entirely or in part, from particular beneficiaries, permanently or until a date or event.
What a New Mexico trust accounting must contain
The report covers the trust property, liabilities, receipts and disbursements, including the source and amount of the trustee's compensation, and a listing of the trust assets with market values if feasible. On a vacancy with no cotrustee remaining, the former trustee sends the report.
When a New Mexico accounting is contested
Section 46A-10-1005 bars a proceeding for breach of trust more than one year after the beneficiary was sent a report that adequately disclosed the potential claim and told the beneficiary how long they had to bring it. Otherwise, the outer limit is five years from the first of the trustee's removal, resignation or death, the end of the beneficiary's interest, or the end of the trust.
How T.E.A. Fiduciary helps
We prepare New Mexico annual and termination reports under section 46A-8-813, with the disclosure and deadline notice that start the section 46A-10-1005 one-year period. We work alongside your attorney and your tax preparer; we do not prepare tax returns.
This page provides general information about New Mexico fiduciary accounting requirements and is not legal or tax advice. Statutes and court rules change. Verify the current text before relying on any of it, and consult counsel on questions of legal interpretation.
More: the uniform framework · all state pages · our services
Primary source: New Mexico Statutes Chapter 46A (Uniform Trust Code).
Written by Christina Gutman, C.P.A. — Founder and Principal of T.E.A. Fiduciary. Christina is licensed as a Certified Public Accountant by the State of California and has specialized exclusively in fiduciary accounting for over a decade, preparing trust, estate, and conservatorship accountings for law firms, professional fiduciaries, trust companies, family offices, and individual trustees nationwide. She has also served as a forensic consultant in contested accounting matters. More about Christina
