New Mexico State Specific Information

Will, Trust, Power of Attorney, and Estate Planning

Official state laws:

Minimum age requirement to:

Holographic will NOT recognized (No Section exists)

State taxes:

Estate tax: Equal to federal credit for state death taxes (Section 7-7-3 and 7-7-4)
State gift tax:Inheritance tax: No inheritance tax (Section 7-7-3 and 7-7-4)
- No state gift tax (Section 7-7-3 and 7-7-4)
- Anatomical Gift Act (Section 24-6A-1 to 42-6A-15)
Inheritance tax: No inheritance tax (Section 7-7-3 and 7-7-4)

Default rules: How property is distributed if there is no will, i.e. laws of intestate succession: (Section 45-2-102 to 45-2-103)

No surviving spouse, but there are surviving children:
- All of the estate goes to the surviving children split equally among them or to their children in accordance to their per stirpes share
Surviving spouse and
- Children of surviving spouse:
  - All of your community property and one-fourth (1/4) of your separate property to surviving spouse, and
  - The other three-fourth (3/4) of your separate property, split equally among your children or to their children according to their per stirpes share
  - Children not of the surviving spouse (for example your children from a previous marriage):
    - All of your community property and one-fourth (1/4) of your separate property to surviving spouse, and
    - The other three-fourth (3/4) of your separate property, split equally among your children or to their children according to their per stirpes share
    - No children and both of your parents of deceased:
      - All of your estate will pass to your spouse
    - No children, but at least one of your parents survives you:
      - All of your estate will pass to your spouse
At least one parent survives you, but no surviving spouse or children:
- All of your estate will pass to your surviving parents equally
No spouse, children, or parents:
- Siblings (brothers and sisters) equally or to their children according to their per stirpes share. If none, then one-half (1/2) to maternal grandparents and the other one-half (1/2) to paternal grandparents

Who must be named as a beneficiary in your will:

Surviving spouse (Section 45-2-302), andChildren, born or adopted (Section 45-2-301)
- Surviving spouse must be given:
  - One-half (1/2) of your community property (Section 45-2-805)
Children, born or adopted (Section 45-2-301)

Effects of changes in your marital status on your will:

You are divorced from the surviving spouse:
- Revokes will as to divorced spouse (Section 45-2-802)
You get married without changing your will that does not provide for your new spouse:
- Spouse is still entitled to shares under state intestate law (Section 45-2-301)

Witnesses:

Minimum number of witnesses required: Two (Section 45-2-502)
Are witnesses allowed to be beneficiaries?: Yes (Section 45-2-505)
Requirements to be a witness, witnesses must:
- be at least 18 years of age or a notary public, and
- not the person you name as your agent

Property ownership (Section 47-1-15):

Community property state
Real estate held by a spouse may be held as join tenants
Bank account deposits held jointly are payable to any survivor named in the bank account, unless there is clear evidence that the deposit is payable only to a specified survivor
Tenancy by the entirety is recognized in this state

Other types of wills:

Self-proving wills recognized: Yes, recognized (Section 45-2-504)
Living will: Optional Advance Health Care Directive (Section 24-7A-4) requires an incurable and irreversible condition that will result in death within a relatively short time, become unconscious and, to a reasonable degree of medical certainty, will not regain consciousness, or the likely risks and burdens of treatment would outweigh the expected benefits
Power of Attorney for Health Care (Section 24-7A-4)
Durable Power of Attorney Act (Sections 45-5-501 to 45-5-505)