Disclaimer: This article is for informational purposes only and does not constitute legal advice. Consult a qualified attorney for guidance specific to your situation.
Detailed Answer
When a New Mexico resident dies, unclaimed property may arise if banks, brokers or businesses cannot deliver assets—such as forgotten bank accounts, uncashed checks or safe-deposit box contents—to the decedent or to the estate administrator. The New Mexico Unclaimed Property Act (NMSA 1978, Chapter 7, Article 8) governs how these assets vest with the state after a dormancy period. Heirs can recover these assets by following a two-step process: locating the property and submitting a valid claim.
1. Locating Unclaimed Property
Start by searching the New Mexico Secretary of State’s Unclaimed Property database at sos.state.nm.us/unclaimed-property/. You can search by the decedent’s full name or business name. If you know the last residence or last employer, narrow your search accordingly.
If initial searches yield no results, reach out to federal or out-of-state databases, such as the National Association of Unclaimed Property Administrators at unclaimed.org. Sometimes property escheats in another jurisdiction.
2. Claiming the Property
Once you identify unclaimed property, gather these documents:
- Certified copy of the decedent’s death certificate.
- Proof of your status as an heir (e.g., certified copy of the will, small estate affidavit or court-issued letters of administration under NMSA 1978, § 7-8-5).
- Government-issued photo ID for each claimant.
Next, complete the Secretary of State’s Claimant Packet. You can download the form from the same Unclaimed Property portal. Sign and notarize where required. Submit the packet—along with supporting documents—by mail or online. The office reviews your claim and may request additional proof of heirship or identity.
Under NMSA 1978, § 7-8-12, the state has 90 days to approve or deny a complete claim. If approved, you receive payment by check or direct deposit.
Key Statutes
- NMSA 1978, Chapter 7, Article 8 – Uniform Unclaimed Property Act overview.
- NMSA 1978, § 7-8-5 – Definitions and custodial duties.
- NMSA 1978, § 7-8-12 – Claim procedures and timelines.
Helpful Hints
- Search under all known name variations (maiden, middle, nicknames).
- Check quarterly for newly reported property.
- Keep certified copies of all documents you submit.
- Consider a probate or small estate proceeding if property exceeds reporting thresholds.
- Contact the New Mexico Unclaimed Property division directly for procedural questions.