New Mexico Small Estate Affidavit
The New Mexico Small Estate Affidavit is a legal form that offers a more convenient means to transfer a deceased individual’s small estate (called the “decedent”) to a person that is legally entitled to receiving the property and associated possessions (the “successor”). State law dictates that the affidavit may only be used for personal property up to the value of $50,000. Therefore, it is not possible to use the form to transfer real estate, nor is it possible to obtain an estate that exceeds the maximum value mandated by the state.
Once the successor completes the document, it will need to be notarized by a licensed Notary Public within the state of New Mexico.
Laws & Required Conditions
Laws: § 45-3-1201
Maximum Estate Value: $50,000
Required Conditions: Any claiming successor must follow state-mandated laws tied to the execution of a New Mexico Small Estate Affidavit:
- The decedent must have passed away at least thirty (30) days prior.
- A pending or granted application for a personal representative is not apparent.
- The claiming successor “is entitled to payment or delivery of the property.”
- The affidavit is only being used to claim personal property, not to perfect title to real estate.