New Mexico Statutes 45-3-101. Devolution of estate at death; administration on deaths of husband and wife
A. The power of a person to leave property by will and the rights of creditors, devisees and heirs to the person’s property are subject to the restrictions and limitations contained in N.M. Stat. Ann. Chapter 45, Article 3 to facilitate the prompt settlement of estates.
Terms Used In New Mexico Statutes 45-3-101
- Decedent: A deceased person.
- Intestate: Dying without leaving a will.
- Personal property: All property that is not real property.
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
- Testate: To die leaving a will.
B. Upon the death of a person, the person’s separate property and the person’s share of community property devolves:
(1) to the persons to whom the property is devised by the person’s last will; (2) to those indicated as substitutes for them in cases involving revocation, lapse, disclaimer or other circumstances pursuant to N.M. Stat. Ann. Chapter 45, Article 2 affecting the devolution of testate estates; or
(3) in the absence of testamentary disposition, to the person’s heirs or to those indicated as substitutes for them in cases involving revocation, lapse, disclaimer or other circumstances pursuant to Chapter 45, Article 2, Parts 3, 4, 10 and 11 NMSA 1978 affecting the devolution of intestate estates.
C. The devolution of separate property and the decedent‘s share of community property is subject to rights to the family allowance and personal property allowance, to rights of creditors and to administration as provided in N.M. Stat. Ann. Chapter 45, Article 3. The surviving spouse’s share of the community property is subject to administration until the time for presentation of claims has expired, and thereafter only to the extent necessary to pay community claims.