For anyone planning an estate in New Mexico or settling one: what a will or trust costs, whether an estate needs probate, what executors and trustees are paid, and the taxes on an inheritance, each answered under New Mexico law.
36 tools for New Mexico
Probate in New Mexico takes 4 months to 6 months for a simple estate and charges attorney fees of typically 1.8%NMSA § 45-3-715(A)(21) (PR may employ attorneys to advise or assist in administration); § 45-3-721 (court may review the reasonableness of the compensation of any person so employed); § 45-3-720 (expenses in estate litigation, incl. reasonable attorneys fees); no statutory percentageVerified Sep 8, 2026View source to 2.9%NMSA § 45-3-715(A)(21) (PR may employ attorneys to advise or assist in administration); § 45-3-721 (court may review the reasonableness of the compensation of any person so employed); § 45-3-720 (expenses in estate litigation, incl. reasonable attorneys fees); no statutory percentageVerified Sep 8, 2026View source of the estate; assets held in a revocable trust skip both.
New Mexico authorizes transfer on death deedsNMSA 45-6-401 to 45-6-417Verified Jul 15, 2026: a recorded, revocable deed that passes real property at death outside probate.
New Mexico does not offer a transfer-on-death designation on a vehicle title; a vehicle passes by will, trust, joint title, or probate.
New Mexico has no statewide fill-in probate petition, so the opening petition is drafted as a legal pleading, and informal probate is availableNMSA §§ 45-3-301, 45-3-302, 45-3-307 (application to the probate or district court; written statement of informal probate and informal appointment without hearing)Verified Sep 8, 2026View source.
In New Mexico, the County Probate Court appoints the personal representative and the Clerk of the Probate Court issues Letters Testamentary or Letters of Administration; an informal (registrar) track is availableNMSA §§ 45-3-301, 45-3-302, 45-3-307 (application to the probate or district court; written statement of informal probate and informal appointment without hearing)Verified Sep 8, 2026View source.
In New Mexico, creditors have 4 monthsNMSA § 45-3-801 (four months from first publication; sixty days from mailed notice, whichever is later); § 45-3-803 (claims barred at the earlier of one year after death or the § 45-3-801 periods)Verified Sep 8, 2026View source from first publication of the creditor notice to present claims; late claims are barred.
When an estate owes more than it holds, New Mexico pays the claims in 6NMSA § 45-3-805(A)Verified Sep 23, 2026View source classes in statutory order, beginning with costs and expenses of administration.
Compare estate-account opening requirements bank by bank: channels, required documents, and steps.
Compare trust-account requirements bank by bank: how a revocable trust account is opened or retitled, and what proves the trust.
See which federal withdrawal rules apply to an inherited IRA, Roth IRA, or employer plan, the deadline year, and the missed-withdrawal tax.
New Mexico requires a final state income tax return for the decedent alongside the federal Form 1040N.M. Stat. Ann. § 7-2-7(B) (as amended by HB252, 2024, Laws 2024 Ch. 67 § 5)Verified Sep 20, 2026View source; a federal estate tax return (Form 706) is required only for estates above $15,000,00026 USC 2001(c), 2010; P.L. 119-21 §70106Verified Sep 15, 2026View source.
Estimate the fair market value of household items for probate and see how it affects fees.
In New Mexico, a will-based plan pays probate attorney fees of typically 1.8%NMSA § 45-3-715(A)(21) (PR may employ attorneys to advise or assist in administration); § 45-3-721 (court may review the reasonableness of the compensation of any person so employed); § 45-3-720 (expenses in estate litigation, incl. reasonable attorneys fees); no statutory percentageVerified Sep 8, 2026View source to 2.9%NMSA § 45-3-715(A)(21) (PR may employ attorneys to advise or assist in administration); § 45-3-721 (court may review the reasonableness of the compensation of any person so employed); § 45-3-720 (expenses in estate litigation, incl. reasonable attorneys fees); no statutory percentageVerified Sep 8, 2026View source of the estate; a funded revocable trust keeps those assets out of probate and off that fee.
Settling an estate in New Mexico: the personal representative files the estate inventory within 90 daysNMSA § 45-3-706Verified Sep 15, 2026View source of appointment; creditors have 4 monthsNMSA §§ 45-3-801, 45-3-803, 45-3-806, 45-3-1006Verified Sep 15, 2026View source to present claims; a simple estate closes in 4 months to 6 months.
Settling a trust in New Mexico happens outside court: the trustee acts under the state's Uniform Trust CodeNMSA 1978 § 46A-1-101 et seq.Verified Jul 15, 2026View source, notifies the beneficiaries within 60 daysNMSA § 46A-8-813; § 46A-10-1005Verified Sep 15, 2026View source, then pays the debts and distributes under the trust's terms.
After a death in New Mexico, the estate either qualifies for the simplified procedure for estates under $50,000§ 45-3-1201Verified Sep 8, 2026View source or goes through probate, where creditors have 4 monthsNMSA § 45-3-801 (four months from first publication; sixty days from mailed notice, whichever is later); § 45-3-803 (claims barred at the earlier of one year after death or the § 45-3-801 periods)Verified Sep 8, 2026View source to file claims after notice.