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.

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Charitable Donations of Real Estate

A charitable bequest involves giving part or all of a deceased person’s assets to one or more designated charities, by using specific instructions in a will. Technically, bequests relate to personal property and devises relate to real property, but “bequest” is often used as an umbrella term for both. Many people donate money and other valuables to charity over the course of their lives. Others consider charitable contributions, but never find the right time to give. Regardless of a person’s lifetime philanthropic history, the decision to include donations of land, buildings, and/or easements as part of an overall estate plan offers a viable way to leave a legacy.

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Quit Claim Deed – An Unrecorded Quit Claim Deed Can Still Be Valid

An unrecorded quit claim deed is still valid. While there is no time limit on recording a deed or recording required for a quit claim deed to be valid, record all deeds as soon after the transaction as possible. Failure to record a deed could render transfer or mortgaging of the property impossible and create numerous legal difficulties.

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