I’ve been part of three estate processes and the attorney’s first question always was “Does the deceased have any out of state assets?”
My mother-in-law lives in Texas and she has mineral rights in Lea County 13S-38E. From what I understand if the mineral rights are included in the probate process then it will be expensive and stressful at the worst possible time. My question is if there are transfer-on-death provisions in New Mexico that would simplify and cheapen the costs of transferring her ownership to her children. My parents had utilized this process with some mutual funds that really streamlined the whole thing and had zero cost. Although she could transfer the rights prior to death that doesn’t sit okay with her daughter (my wife) - it’s too much like ‘planning’ her mom’s passing. Thanks in advance for any help.