New Mexico Lawyers Assist with Intestate Succession
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The importance of having an estate plan cannot be stressed enough. Not only can it ensure a decedent’s last wishes are carried out, it can prevent family members from in-fighting over their inheritance. When a person dies without a will in place, their property and assets will be divided up based on New Mexico’s intestate succession laws. At New Mexico Financial and Family, we have a deep understanding of wills and probate. If your loved one died without a will, we can stand by your side and guide you through the steps ahead.
What assets are affected by intestate succession laws?
Intestate succession laws only affect assets that would have passed through the decedent’s will. Typically, this means that only assets and property titled solely in the deceased’s name will be distributed under intestate succession.
Assets not affected by intestate succession
There are numerous valuable assets that do not pass through a will and thus are not subject to intestate succession. For example, in New Mexico, the following assets remain unaffected by intestate succession laws:
- Any property the deceased transferred to a living trust
- IRA, 401(k), or other retirement account funds
- Payable-on-death bank accounts
- Transfer-on-death account securities
- Proceeds from life insurance
- Property owned with the decedent through joint tenancy
- Real estate held by transfer-on-death deed
Regardless of whether you have a will, these assets will pass directly to the co-owner or beneficiary named.
How assets are divided under intestate succession
When there is no will, New Mexico distributes a decedent’s property based on heirship:
- Surviving spouse and children — In this situation, the spouse receives all communal property and a quarter of the decedent’s separate property.
- Surviving spouse and no children — Everything goes to the spouse.
- Surviving children and no spouse — The children receive everything.
- Parents and no children or spouse — Everything goes to the parents
- Siblings and no spouse, children, or parents — The siblings inherit everything.
Under New Mexico’s survivorship period, a person must be alive 120 hours longer than you to be eligible to inherit your estate.
Contact intestate succession lawyers in New Mexico
New Mexico Financial and Family provides hands-on counsel to clients that are involved with probate and intestate succession issues. For more information on our services in Albuquerque and throughout New Mexico, call (505) 503-1637 or contact us online.