New Mexico woman curious regarding a death with no next-of-kin.
A New Mexico woman questions a probate judge about property when the owner dies and the is no known next-of-kin.
Here are the questions asked:
What could be done in the case where someone dies and there is no known next-of-kin and there is property involved?
Can you still petition the courts to be appointed special administrator?
The deceased owned a trailer, two lots, a bank account, a car and an investment account with a local investment company. The person asking the questions is interested in buying the house and lots.
Per a cursory check the man did not leave any papers in the home referring to any known next-of-kin, local banks had no record of a safe deposit box in his name and the investment company and banks had no listing for a next-of-kin or what was to be done in the event of death.
It was known that he divorced 25 years ago.
The Probate Judge responded with it was rare that a person dies intestate (with no valid will) and no relatives. New Mexico’s probate code mandates the property listed as escheat. This means the reversion of property to the state. Other states can transfer the property to a county rather than the state.
New Mexico’s constitution says that the net proceeds of property that come to the state by escheat, together with certain forfeitures, fines, and rentals, constitute the current school fund of the state.
Hopefully, you now see the importance of having a will. With a will you know what happens to your valuables upon your death.
There are also times when ownership of property or other assets is unknown by the heirs and the state cannot locate the heir. These assets are held by the state as unclaimed property. Each state does hold unclaimed property. To find out if you could be one of the 9 out of 10 owners of unclaimed money click here.
