Revocation of Transfer on Death Deed - Beneficiary Deed - New Mexico - Individual to Individual: This form is a revocation of a transfer on death or beneficiary deed. It must be made by the record owner at any time prior to the death of the record owner by the record owner executing, acknowleding and recording in the office of the county clerk in the county where the real property is located an instrument describing the interest and revoking the designation. The signature, consent or agreement of or notice to the grantee beneficiary(ies) is not required. A properly executed, acknowledged and recorded transfer on death deed is not revoked by the provisions of a will.
New Mexico Revocation of Transfer on Death Deed or TOD - Beneficiary Deed for Individual to Individual
Category:
State:
New Mexico
Control #:
NM-019-78
Format:
Word;
Rich Text
Instant download
Description
Definition and meaning
The New Mexico Revocation of Transfer on Death Deed, also known as a Transfer on Death (TOD) Beneficiary Deed, allows an individual to revoke a previously executed TOD deed that designates a beneficiary for their real estate upon their death. This revocation ensures that the property in question will not be transferred as initially stated in the original deed, and provides the grantor the ability to change their mind about the beneficiary designation.
How to complete a form
To successfully complete the New Mexico Revocation of Transfer on Death Deed, follow these steps:
- Provide your full name as the Grantor, noting your marital status.
- State the date of the original deed you wish to revoke.
- Identify the recording details, including the docket or book number and the document number.
- Describe the real estate affected by this deed, referring to the legal description attached.
- Sign and date the document before a notary public to ensure its validity.
Who should use this form
This form is suitable for individuals in New Mexico who have previously executed a Transfer on Death Deed but now wish to revoke it. Typical users include property owners who have changed their wishes regarding the distribution of their property after death or those who wish to remove a beneficiary.
Legal use and context
The Revocation of Transfer on Death Deed is important in the context of estate planning. It allows individuals to have control over their property and ensures that the transfer upon death aligns with their current intentions. In New Mexico, understanding local laws and regulations regarding beneficiary deeds is crucial.
Common mistakes to avoid when using this form
When completing the New Mexico Revocation of Transfer on Death Deed, avoid these common mistakes:
- Failing to provide complete and accurate details of the original deed.
- Neglecting to sign the document in front of a notary public.
- Omitting the legal description of the property.
- Not keeping a record of the revocation for your own documentation.
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FAQ
Overall, New Mexico's statutory transfer on death deed is a flexible estate planning tool that allows owners of real property in the state to convey a potential future interest in real property to one or more beneficiaries.
You can contest that too, it turns out. The same legal principles that allow a will contest forgery, fraud, undue influence, for example also apply to changes in beneficiary designation.It's not unusual for someone to have a large portion of his or her assets in beneficiary designated accounts.
Get a Deed Form or Prepare Your Own. You can buy a state-specific TOD deed form for your state or type up your own document. Name the Beneficiary. Describe the Property. Sign the Deed. Record the Deed.
200dA transfer-on-death account set up for your mutual funds or securities directs who receives the funds after your passing. A TOD designation supersedes a will.Your beneficiaries can't touch the account while you're alive, and you're free to change beneficiaries or close the accounts at any time.
Receiving an inheritance can be an unexpected windfall. In fact, transfer on death accounts are exposed to all the same income and capital gains taxes when the account owner is alive, as well as estate and inheritance taxes upon the owner's death.
Because transfer-on-death beneficiary deeds do not become effective until you pass away, someone can challenge the validity of the deed after you die.Or, beneficiaries and family members can sue each other to take the property entirely. In this case, a court proceeding may be required to resolve the issue.
A transfer on death (TOD) account will avoid probate because assets transfer automatically to a beneficiary when the owner dies.
The bottom line: you have the right to contest a TOD Deed, just as you can a Will or Trust, but in many cases that will be no easy task.
A TOD designation supersedes a will. For bank accounts, you can set up a similar account known as payable-on-death, sometimes referred to as a Totten trust. Your beneficiaries can't touch the account while you're alive, and you're free to change beneficiaries or close the accounts at any time.