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New Mexico Summary: Under New Mexico statute, where as estate is valued at less than $50,000, an interested party may, thirty (30) days after the death of the decedent, issue a small estate affidavit to collect any debts owed to the decedent.
How does probate work in NM?
New Mexico has a simplified probate process for small estates. To use it, an executor files a written request with the local probate court asking to use the simplified procedure. The court may authorize the executor to distribute the assets without having to jump through the hoops of regular probate.
How do you become an executor of an estate in New Mexico?
A petition is filed with the court in the county where the decedent lived to open probate. The court approves the person named in the will as the executor. If there is no one, the court will appoint a personal representative to act on behalf of the estate.
Does New Mexico have a beneficiary deed?
Use this form to leave your New Mexico real estate without probate. You retain ownership, responsibility, and control over the property during your life. After your death, ownership transfers to the beneficiary you name.
How much does an estate have to be worth to go to probate in New Mexico?
When is it required for my Will to be probated through Court? In New Mexico, if the total value of the estate exceeds $50,000 the will must go through the Court to be probate. An estate worth less than $50,000 is considered a small estate.
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How do I transfer property to a family member in New Mexico?
A New Mexico deed is used to legally convey real estate between parties in New Mexico. In order to transfer property, with a deed, you will need the names of the seller, or grantor, the names of the buyer, or grantee, the legal description of the property and an acknowledgment by a notary public.
What is a personal representative deed in New Mexico?
A PR appointed informally by the Probate or District Court has legal authority to sell real property and to transfer title to it via a \u201cPersonal Representative's Deed\u201d from the estate to the new owner(s). It is the PR's job to have this deed prepared, signed, acknowledged before a notary public, and properly recorded.
How much does an estate have to be worth to go to probate in New Mexico?
When is it required for my Will to be probated through Court? In New Mexico, if the total value of the estate exceeds $50,000 the will must go through the Court to be probate. An estate worth less than $50,000 is considered a small estate.
Does New Mexico allow transfer on death deed?
The law in New Mexico allows an owner of real property (land or house) to transfer that property to another person (grantee beneficiary) through the use of a Transfer on Death Deed (TODD).
Where do I file a transfer on death deed in New Mexico?
A New Mexico TOD deed becomes effective only if it is recorded with the county clerk's office where the property is located. If there is more than one property and they are in more than one New Mexico county, the property owner should record the TOD deed in each county.
Related links
Laws for the Government of the Territory of New Mexico
Letters testamentary and of administration shall be granted in the county in which the mansion house or place of abode of the deceased is situated. If he had no ...
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