A trust is an alternate option for holding title to real property. Trusts involve three parties: the settlor (sometimes called the grantor), who contributes property to the trust; the trustee, who holds title to the trust property and administers the trust; and the beneficiary, who has a present or future interest in the trust.
Continue reading “Real Property Transfers by Trust in New Mexico”New Mexico Updates Transfer on Death Deeds in 2014
Recently, the state legislature revisited the original transfer on death deed statute and decided it was due for an update. So, on January 1, 2014, New Mexico joined with eleven other states to adopt the Uniform Real Property Transfer on Death Act (URPTODA), found at §§ 45-6-401 through 45-6-417 NMSA 1978 (2014). This revision of the law enhances and adds clarity to the state’s previous transfer on death statute.
Continue reading “New Mexico Updates Transfer on Death Deeds in 2014”