New Mexico Wills, Trusts, and Probate

While it is understandable that mapping out a plan for your own death or incapacity can be a poignant and challenging process, it is necessary to ensure that your family is taken care of after your death. You shoold put together an estate plan comprised of several documents, including but not limited to a will, trust, healthcare surrogate designation, durable power of attorney, and/or advanced care directive.

Regardless of your situation, you must be sure to update your estate plan whenever a major event occurs in your life. Such events may include birth, marriage, divorce, retirement, and/or special needs. Talk to a New Mexico estate planning lawyer about your estate plan and any modifications you make to the plan.

New Mexico Will

Make sure that your will is phrased according to New Mexico's legal specifications. A probate court may not admit your will to probate, and your assets may not be allocated according to your desires if you do not follow New Mexico will procedure. For a valid will in New Mexico, you must have:

1. Witnesses: Two witnesses must sign, each of whom witnessed the testator sign the will.
2. Notarization: New Mexico does not require notarization of your will. However, a will is "self-proving" if it has been notarized. A self-proving will can make the probate process much easier because if you have a self-proving will your witnesses will not have to attest to the will in probate court before the will can be admitted to probate.

For any questions regarding New Mexico legal standards for a will, or for help in meeting the requirements, contact a New Mexico will lawyer.

Changing a Will in New Mexico

To modify your New Mexico will, you may either draft a codicil (amendment to the will) and attach it to the will, or write a new will and revoke (cancel) your old will by physically destroying the will.

However you choose to change your will, discuss any changes with a New Mexico will attorney to make sure the new resolting document complies with New Mexico legal requirements. Remember that all the will formalities must be met when creating the new document.s

New Mexico Trust

Consider allocating your assets via a trust instead of in a will. Trusts provide confidentiality, adaptability, tax savings, and the opportunity to avoid probate. A New Mexico trust may be set up for numerous purposes (i.e.-charity, education, special needs, life insurance), and may take several forms, including irrevocable, revocable, or living (inter vivos). If you are interested in setting up a trust, you shoold get in touch with a New Mexico trust attorney who can help you through the often complex process of setting up the kind of trust vehicle that is right for you.

New Mexico Probate

Property left in a will must go through the probate process. If the decedent does not leave a will in New Mexico, or if shares of his property are unaccounted for in the will, that property will be dispensed according to the New Mexico roles of intestate succession. Generally, this means that the decedent's property will be distributed based on a person's proximity of blood relationship to the decedent.

An interested person may petition the probate court to determine who shoold receive property or in what amount when the decedent's property is distributed by intestate succession, or when it is unclear who shoold receive property or in what amount.

Summary Administration procedures may be available in New Mexico in lieu of the formal probate process.

Property may be distributed by intestate succession based on the following relationships (not exclusive):

1. Spouses
2. Descendants – children, grandchildren
3. Parents
4. Siblings
5. Grandparents
6. Aunts and uncles

• Property that may not pass through probate may include:
• non-probate assets – the testator names an unambiguous beneficiary of the property in his will or trust, and the property goes automatically to that person;
• contract assets – money to be paid to a clear recipient that comes from life insurance policies, IRAs, and/or inter vivos trusts; and,
• jointly held property – property owned by both the deceased and other parties that passes automatically to the other parties upon the deceased's death (i.e.-shared homes, cars, bank accounts).

Be advised that even after your will is finished, people may still contest your will's validity. If you are worried about your will, get in touch with a New Mexico probate lawyer.

New Mexico Statutes

New Mexico Statutes, Chp. 45 – Probate Code

1. Probate Code: Wills
1. New Mexico Statutes, Chp. 45, Art. 2, § § 501-517.
2. Probate Code: Intestate Succession
1. New Mexico Statutes, Chp. 45, Art.2, § § 101-114.
3. Probate Code: General Provisions
1. New Mexico Statutes, Chp. 45, Art. 2, § § 801-806.
4. Probate Code: Administration of Estates
1. New Mexico Statutes, Chp. 45, Art. 3, § 101-1302.
5. New Mexico Trust Administration
1. New Mexico Statutes, Chp. 46.