Estate

Estate is the property of the decedent that is subject to the New Mexico Uniform Probate Code, Chapter 45 NMSA 1978. For the purposes of probate, an estate generally does not include things that pass automatically to a listed beneficiary, such as land held as joint tenants, life insurance proceeds, payable on death accounts or retirement benefits that have a beneficiary designation. For more information, see Section 45-1-201(12). This is not the same as the taxable or gross estate, which includes all assets owned by the decedent at the time of his or her death.