probate law in new mexico
Probate Laws & Codes
Probate generally refers to the manner in which a deceased person’s estate is administered, and how the assets are ultimately distributed to heirs. New Mexico is one of 19 states that have adopted the Uniform Probate Code in its entirety. This code is an effort to provide uniformity to the probate process, and to streamline and modernize state laws relating to Wills and probate matters.
The New Mexico Uniform Probate Code Provides
- Steps for intestate succession (i.e., what happens to one’s property when they die intestate, or without a Will).
- Requirements for valid, written Wills in New Mexico.
- Procedures for the administration of probate estates, both testate (with a Will) and intestate (without a Will).
- Rules governing foreign Personal Representatives and ancillary probate proceedings.
- Laws pertaining to guardianships for incapacitated or incompetent persons.
Trust Law in New Mexico
New Mexico is one of 37 states that have adopted the Uniform Trust Code. The New Mexico Uniform Trust Code addresses a variety of issues.
The New Mexico Uniform Trust Code Prescribes Laws Pertaining To:
- Requirements of valid Trusts.
- Requirements for the creation, validity, modification, and termination of Trusts.
- Procedures for dealing with creditor’s claims.
- Terms and conditions for revocable Trusts.
- Duties and powers of Trustees.
- Liabilities of Trustees.
- Termination of Trusts.