Can heirs collect personal property without probate in New Mexico?
Yes, in two situations. A successor may collect personal property by affidavit when the entire estate is $50,000 or less, contains no real property, and 30 days have passed since death under Section 45-3-1201. Separately, untitled items such as furniture, jewelry, and artwork pass without probate regardless of value; only titled property like vehicles and accounts requires it.
When must the New Mexico estate inventory be prepared?
Within three months of the personal representative's appointment under Section 45-3-706, listing each item with its estimated date-of-death value and any encumbrances. Filing with the court is optional, but the representative must send copies to interested persons who request them.
What personal property allowance protects a New Mexico surviving spouse?
Up to $15,000 in household furniture, automobiles, furnishings, appliances, and personal effects under Section 45-2-403, in excess of any security interests. Appraisals help identify which items satisfy the allowance and at what values before the rest of the estate is distributed.
When can a New Mexico personal representative bring in an appraiser?
Whenever an asset's value is subject to reasonable doubt. Section 45-3-707 permits employing a qualified and disinterested appraiser without a court appointment, which is the usual route for business interests, art, jewelry, and specialized equipment.