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Commonly Asked Questions about New Mexico Estate Planning Forms

New Mexico allows for a fairly flexible definition of last will and testament. Any adult individual can create a document discussing how their estate will be handled following their death, provided it is signed in front of two witnesses who sign their names.
The Estate Planning Must-Haves. Wills and Trusts. Durable Power of Attorney. Beneficiary Designations. Letter of Intent. Healthcare Power of Attorney. Guardianship Designations. Estate Planning FAQs.
The person filing the probate must submit a certified copy of the decedents death certificate and copies of the written consent of other people with the same or higher priority for appointment, along with the necessary probate forms.
In New Mexico, if the total value of the estate exceeds $50,000 the will must go through the Court to be probate.
Family Allowance Probate Laws The family allowance provides up to $30,000 of the decedents estate (NM Statutes 45-2-402) to the surviving spouse. If there is no surviving spouse, then the $30,000 will be divided evenly amongst any minor, dependent children.
Key Takeaways Common estate planning documents are wills, trusts, powers of attorney, and living wills.
If an estate is simple and uncontested, probate attorney fees in New Mexico can range from $3,000 - $5,000 in total. As things get more complicated, legal fees will adjust ingly.
In New Mexico, estates valued at $50,000 or less may be exempt from probate under certain circumstances. Additionally, the process can be avoided if all property is structured to transfer automatically upon the owners death or if assets are appropriately placed within a living trust before the individuals passing.