Right Of Survivorship Deed Sample For New Mexico
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FAQ
However, under New Mexico law, a couple can agree in writing that any separate property of one is community property. When the first spouse dies, half of the total community property passes to the surviving spouse.
A New Mexico joint tenancy is characterized by the right of survivorship shared by the co-owners (or joint tenants). A deceased joint tenant's interest vests in the surviving owner. Joint tenancy can be helpful in estate planning because a joint tenancy interest never becomes part of a joint tenant's probate estate.
For example, if two people, Mark and Amanda, own a property together and Mark dies, then Amanda will become to sole owner of the property even if this is not detailed in the will because the two of them purchased the property together.
There are a few common ways to co-own property in New Mexico: Joint tenancy (also called "joint tenancy with right of survivorship"). If you co-own real estate as joint tenants with right of survivorship, when one co-owner dies, that co-owner's share of the property will automatically go to the surviving co-owner(s).
Under the right of survivorship, each tenant possesses an undivided interest in the whole estate. When one tenant dies, the tenant's interest disappears and the others tenants' shares increase proportionally and obtain the rights to the entire estate.