Download this New Mexico Revocable Living Trust form in order to create a separate entity under state law to hold and manage your transferred assets and property for the benefit of your loved ones. A trust provides the grantor with flexibility in determining how and when and for what purpose disbursements from the trust are made. A grantor may specify that the trust funds only be spent on education and housing, for instance, or may only be disbursed wen the beneficiary reaches the age of 25. A trustee, appointed by the grantor, is obligated to follow the terms of the trust and has a fiduciary obligation to the beneficiaries of the trust. A revocable trust may be revoked or modified during the life of the grantor, but after he or she passes, it becomes irrevocable.