New Mexico § 45-6-416 - Optional form of transfer on death deed

§ 45-6-416. Optional form of transfer on death deed

The following form may be used to create a transfer on death deed. The provisions of the Uniform Real Property Transfer on Death Act govern the effect

of this or any other instrument used to create a transfer on death deed: (front of form) “REVOCABLE TRANSFER ON DEATH DEED NOTICE TO OWNER You should carefully read all information on the other side of this form. You may want to consult a lawyer before using this form. This form must be recorded before your death or it will not be effective. IDENTIFYING INFORMATION Owner or Owners Making This Deed: Legal description of the property: PRIMARY BENEFICIARY I designate the following beneficiary if the beneficiary survives me. ALTERNATE BENEFICIARY--Optional If my primary beneficiary does not survive me, I designate the following alternate

beneficiary if that beneficiary survives me. TRANSFER ON DEATH At my death, I transfer my interest in the described property to the beneficiaries

as designated above. Before my death, I have the right to revoke this deed. SIGNATURE OF OWNER OR OWNERS MAKING THIS DEED ACKNOWLEDGMENT (insert acknowledgment for deed here)” (back of form) “COMMON QUESTIONS ABOUT THE USE OF THIS FORM What does the Transfer on Death (TOD) deed do? When you die, this deed transfers the described property, subject to any liens or

mortgages (or other encumbrances) on the property at your death. Probate is not required. The TOD deed has no effect until you die. You can revoke it at any time. You are also free to transfer the property to someone else during your lifetime. If you do not own any interest in the property when you die, this deed will have

no effect. How do I make a TOD deed? Complete this form. Have it acknowledged before a notary public or other individual authorized by law

to take acknowledgments. Record the form in each county where any part of the property is located. The form has no effect unless it is acknowledged and recorded before your death. Is the “legal description” of the property necessary? Yes. How do I find the “legal description” of the property? This information may be on the deed you received when you became an owner of the

property. This information may also be available in the office of the county clerk for the

county where the property is located. If you are not absolutely sure, consult a lawyer. Can I change my mind before I record the TOD deed? Yes. If you have not yet recorded the deed and want to change your mind, simply

tear up or otherwise destroy the deed. How do I “record” the TOD deed? Take the completed and acknowledged form to the office of the county clerk of the

county where the property is located. Follow the instructions given by the county clerk to make the form part of the official

property records. If the property is in more than one county, you should record the deed in each county. Can I later revoke the TOD deed if I change my mind? Yes. You can revoke the TOD deed. No one, including the beneficiaries, can prevent you from revoking the deed. How do I revoke the TOD deed after it is recorded? There are three ways to revoke a recorded TOD deed: (1) Complete and acknowledge

a revocation form, and record it in each county where the property is located. (2) Complete and acknowledge a new TOD deed that disposes of the same property,

and record it in each county where the property is located. (3) Transfer the property to someone else during your lifetime by a recorded deed

that expressly revokes the TOD deed. You may not revoke the TOD deed by will. I am being pressured to complete this form. What should I do? Do not complete this form under pressure. Seek help from a trusted family member, friend or lawyer. Do I need to tell the beneficiaries about the TOD deed? No, but it is recommended. Secrecy can cause later complications and might make it easier for others to commit

fraud. I have other questions about this form. What should I do? This form is designed to fit some but not all situations. If you have other questions, you are encouraged to consult a lawyer.”