New Mexico Statutes 46-11-302. Intent to exercise; determining intent from residuary clause
A. As used in this section:
Terms Used In New Mexico Statutes 46-11-302
- Codicil: An addition, change, or supplement to a will executed with the same formalities required for the will itself.
- Revocable trust: A trust agreement that can be canceled, rescinded, revoked, or repealed by the grantor (person who establishes the trust).
(1) “residuary clause” does not include a residuary clause containing a blanket-exercise clause or a specific-exercise clause; and
will.
(2) “will” includes a codicil and a testamentary instrument that revises another B. A residuary clause in a powerholder’s will, or a comparable clause in the powerholder’s revocable trust, manifests the powerholder’s intent to exercise a power of appointment only if:
(1) the terms of the instrument containing the residuary clause do not manifest a contrary intent;
(2) the power is a general power exercisable in favor of the powerholder’s estate;
and (3) there is no gift-in-default clause or the gift-in-default clause is ineffective;
(4) the powerholder did not release the power.