Disclaimer: This article is for informational purposes only and does not constitute legal advice.
Listing Personal Property for a Year’s Allowance in New Mexico
Detailed Answer
Under New Mexico law, a surviving spouse and minor children are entitled to a year’s allowance—commonly called a “year’s support”—out of the decedent’s estate. You must identify and list the personal property assets you intend to use to satisfy that allowance.
Key points under New Mexico’s Uniform Probate Code (UPC):
- Year’s Allowance Source: NMSA 1978, § 45-2-603(A) directs that the year’s support be allocated from the estate’s personal property first. If personal property is insufficient, you may resort to real property under § 45-2-603(B).
NMSA 1978, § 45-2-603 - Mandatory Inventory: As personal representative, you must file an inventory of all estate assets—including personal property—within three months of appointment under NMSA 1978, § 45-3-101.
NMSA 1978, § 45-3-101 - Exempt Property Allowances: Separate from the year’s allowance, New Mexico law provides exempt property benefits—up to $30,000 in personal property and a homestead allowance (NMSA 1978, § 45-2-501). These exemptions reduce the pool of assets available for other distributions.
NMSA 1978, § 45-2-501
Practical Steps:
- Compile a detailed list of all personal property (vehicles, furniture, bank accounts, jewelry, etc.) as part of your probate inventory.
- Designate which items or funds will satisfy the year’s allowance, ensuring they total an amount adequate for one year of support.
- If the estate lacks sufficient personal property, prepare a plan to use real property or liquidate assets, per § 45-2-603(B).
- File the inventory and a petition for family allowance with the probate court, attaching your proposed list of personal property assets.
Helpful Hints
- Start the inventory early: estates can be complex, and gathering values takes time.
- Use professional appraisals for high-value items to avoid challenges in court.
- Maintain clear records of distributions to family members and creditors.
- Confirm deadlines: inventories generally must be filed within 90 days of your appointment.
- Consult a probate attorney if you face disputes or unusual assets (like digital currencies).