Small Estate Affidavit for Estates under $50,000 New Mexico Form
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People also ask
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How much does an estate have to be worth to go to probate in New Mexico?
NO PROBATE REQUIRED FOR A “SMALL ESTATE” A “small estate” is defined as one where the decedent's total estate is worth less than $50,000 and does not include any real property (land, a house, a farm, etc.). Read more at Section 45-3-1201 NMSA 1978.
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How much does an estate have to be worth to go to probate in New Mexico?
NO PROBATE REQUIRED FOR A “SMALL ESTATE” A “small estate” is defined as one where the decedent's total estate is worth less than $50,000 and does not include any real property (land, a house, a farm, etc.). Read more at Section 45-3-1201 NMSA 1978.
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What is an affidavit of heirship in New Mexico?
An Affidavit of Heirship is a legal document used to establish the heirs of a deceased person and their respective interests in the deceased person's estate when the deceased person dies without a will (intestate) or when there are uncertainties about the heirs and their inheritance rights.
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How do you determine heirship in New Mexico?
DETERMINING WHO IS AN HEIR If decedent is married, decedent's spouse is an heir; If decedent has children, his or her children may also be heirs (if one or more of decedent's children has died, all children of the deceased child or children are also considered decedent's heirs);
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Who inherits without a will in New Mexico?
In New Mexico, in the absence of a will, a surviving spouse inherits the entire estate unless the decedent and the spouse share descendants, in which case the spouse inherits all of the decedent's community property and a quarter of the separate property; the descendants inherit the rest.
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Does an estate have to go through probate in New Mexico?
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 owner's death or if assets are appropriately placed within a living trust before the individual's passing.
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Does New Mexico have a small estate affidavit?
(N.M. Stat. § 45-3-1201 (2024).) If your estate meets the requirements listed above, your inheritor can sign a simple document under oath, called a small estate affidavit or "affidavit for collection of personal property." (Here's a sample of a New Mexico small estate affidavit.)
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Do all estates have to go through probate in New Mexico?
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 owner's death or if assets are appropriately placed within a living trust before the individual's passing.
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