Is An Online Will Legally Valid in New Mexico?
New Mexico accepts online wills as valid, but only once you've completed the state's execution requirements. Here's what that means. Don’t worry about getting caught up in legalese, FeedingBird is built to guide you through every one of these steps.
What Makes an Online Will Legally Valid in New Mexico?
Online wills are legal in New Mexico, but electronic wills aren't part of the state's framework, so the document must be printed on paper. In order to be valid, the will must be signed by the person outlining their wishes, also known as the testator, and signed by two witnesses. There’s no need to notarize, unless you want to potentially lessen probate proceedings with a self-proving will.
Unlike most community property states, New Mexico does not recognize holographic, or handwritten, wills. Nuncupative, or oral, wills aren't recognized either. Every will in New Mexico needs to go through the standard witnessed execution process.
What You Need to Know about Online Wills in New Mexico
Although, you might decide an online will can help you expedite your estate planning, there are a few things you should know.
New Mexico Property Laws
New Mexico is one of nine community property states. Property acquired during the marriage, your community property, generally belongs equally to both spouses, so your spouse already owns half of it. Only your separate property, plus your half of the community property, is affected by your will.
New Mexico Probate
All wills go through probate in New Mexico unless the estate is valued at $50,000 or less. In this case, the estate may qualify for a small estate affidavit. A surviving spouse can also use a separate affidavit, available six months after death, for a community property home assessed at $500,000 or less for property tax purposes, a number that's often well below market value. Otherwise, you might consider a trust if avoiding probate is a priority. It’s important to note that New Mexico also has no state estate or inheritance tax.
Avoiding Probate in New Mexico
- Consider a revocable living trust, which grants you full control over your estate as the trustee. You name a successor trustee who will manage distributing your assets after your death.
- List beneficiary designations on financial and retirement accounts. A payable-on-death (POD) designation determines who receives payment and a transfer-on-death (TOD) designation names a new owner for those accounts.
- Title real estate with your spouse as community property with right of survivorship, so it passes directly without probate.
- Establish joint ownership with right of survivorship for property owned with someone other than a spouse.
Want to learn more about trusts in New Mexico? Here’s a list of what is needed for a trust.
