In the absence of administration, the heirs and devisees are entitled to the estate in accordance with the terms of a probated will or the laws of intestate succession. Devisees may establish title by the probated will to devised property. Persons entitled to property by the family allowance, personal property allowance or intestacy may establish […]
A. Except as provided in Subsection C of this section, shares of distributees abate, without any preference or priority as between real and personal property, in the following order: (1) property not disposed of by the will; (2) residuary devises; (3) general devises; and (4) specific devises. B. For purposes of abatement, a general devise […]
The amount of a noncontingent indebtedness of a successor to the estate if due, or its present value if not due, shall be offset against the successor’s interest; but the successor has the benefit of any defense which would be available to him in a direct proceeding for recovery of the debt. History: 1953 Comp., […]
General pecuniary devises bear interest at five percent per annum beginning one year after the first appointment of a personal representative until payment, unless a contrary intent is indicated by the will or unless distribution is withheld under the provisions of a court order upon a showing of good cause by the personal representative. History: […]
A provision in a will purporting to penalize any interested person for contesting the will or instituting other proceedings relating to the estate is unenforceable if probable cause exists for instituting proceedings. History: Laws 1975, ch. 257, § 3-905; repealed and reenacted by Laws 2016, ch. 69, § 718. ANNOTATIONS Repeals and reenactments. — Laws […]
A. Unless a contrary intention is indicated by the will, the distributable assets of a decedent’s estate shall be distributed in kind to the extent possible through application of the following provisions: (1) a specific devisee is entitled to distribution of the thing devised to him, and a spouse or child who has selected particular […]
If distribution in kind is made, the personal representative shall execute an instrument or deed of distribution assigning, transferring or releasing the assets to the distributee as evidence of the distributee’s title to the property. History: 1953 Comp., § 32A-3-907, enacted by Laws 1975, ch. 257, § 3-907. ANNOTATIONS Official comments. — See Commissioners on […]
Proof that a distributee has received an instrument or deed of distribution of assets in kind, or payment in distribution, from a personal representative is conclusive evidence that the distributee has succeeded to the interest of the estate in the distributed assets, as against all interested persons. However, the personal representative may recover the assets […]
Unless the distribution or payment no longer can be questioned because of adjudication, estoppel or limitation, a distributee of property improperly distributed or paid, or a claimant who was improperly paid, is liable to return the property improperly received and its income since distribution if he has the property. If he does not have the […]
If property distributed in kind or a security interest therein is acquired for value by a purchaser from or lender to a distributee who has received an instrument or deed of distribution from the personal representative, or is so acquired by a purchaser from or lender to a transferee from such distributee, the purchaser or […]
A. When two or more heirs or devisees are entitled to distribution of undivided interests in any real or personal property of the estate, the personal representative or one or more of the heirs or devisees may petition the district court prior to the formal or informal closing of the estate to make partition. B. […]
Subject to the rights of creditors and taxing authorities, successors or their representatives may agree among themselves to alter the interests, shares or amounts to which they are entitled under the will of the decedent or under the laws of intestacy in any way that they provide in a written contract executed by all who […]
A. Before distributing to a trustee, the personal representative may require that the trust be registered if the state in which it is to be administered provides for registration and that the trustee inform the beneficiaries as provided in Section 46A-8-813 NMSA 1978. B. If the trust instrument does not excuse the trustee from giving […]
If an heir, devisee or claimant cannot be found, the personal representative shall distribute the share of the missing person to his conservator, if any. Otherwise, the personal representative shall sell the share of the missing person and distribute the proceeds to the state treasurer as prescribed by the Uniform Unclaimed Property Act [Chapter 7, […]
A. A personal representative may discharge an obligation to distribute to a minor or person under other disability by distributing in a manner expressly provided in the will or other governing instrument. B. Unless contrary to an express provision in the will or other governing instrument, the personal representative may discharge an obligation to distribute […]
History: 1953 Comp., § 32A-3-916, enacted by Laws 1975, ch. 257, § 3-916; 1993, ch. 174, § 80; 1978 Comp., § 45-3-916, repealed Laws 2005, ch. 143, § 18. ANNOTATIONS Repeals. — Laws 2005, ch. 143, § 18 repealed 45-3-916, relating to apportionment of estate taxes, effective July 1, 2005. For provisions of former section, […]
Sections 5 through 17 [15] [45-3-920 to 45-3-930 NMSA 1978] of this act may be cited as the “Uniform Estate Tax Apportionment Act”. History: Laws 2005, ch. 143, § 5; 1978 Comp., § 45-9A-1 recompiled as § 45-3-920 by Laws 2011, ch. 124, § 99. ANNOTATIONS Bracketed material. — The bracketed material was inserted by […]
As used in the Uniform Estate Tax Apportionment Act [45-3-920 to 45-3-930 NMSA 1978]: A. “apportionable estate” means the value of the gross estate as finally determined for purposes of the estate tax to be apportioned reduced by: (1) any claim or expense allowable as a deduction for purposes of the tax; (2) the value […]
A. Except as otherwise provided in Subsection C of this section, the following rules apply: (1) to the extent that a provision of a decedent’s will expressly and unambiguously directs the apportionment of an estate tax, the tax must be apportioned accordingly; (2) any portion of an estate tax not apportioned pursuant to Paragraph (1) […]
To the extent that apportionment of an estate tax is not controlled by an instrument described in Section 7 [45-3-922 NMSA 1978] of this act and except as otherwise provided in Sections 10 and 11 of this act [45-3-925, 45-3-926 NMSA 1978], the following rules apply: A. subject to Subsections B, C and D of […]
