The New Mexico Inventory and Appraisement of the Estate is the written list a personal representative prepares that names every asset the decedent owned at death, shows each item’s value on the date of death, and notes any mortgage or lien attached to it. The duty comes from Section 45-3-706 NMSA 1978, and the personal representative must prepare it within three months of being appointed.
If you are reading this, someone close to you has likely passed, and a court or the law has placed this task in your hands. You do not need to be a lawyer to do it right. Probate Court filers can use the state’s short Inventory form 4B-601 (the modern version of the long-running 4B-401 form, amended effective March 1, 2007), while District Court filers build the same document themselves because New Mexico publishes no mandatory district-court version. About 90 percent of probate inventory headaches come from one of two things: missing an asset, or listing the wrong value. This guide walks you through both so you avoid them.
Here is what you will learn:
- 📋 Exactly what each line of the New Mexico Inventory asks and how to fill it in
- 🏠 How to find, describe, and value every asset, from a house to a checking account
- ⚖️ Which statutes (45-3-706, 45-3-707, and 45-3-708) control this duty and what happens if you ignore them
- 👨👩👧 Three full filled-out examples that match the most common real estates
- 🚫 The ten mistakes that get personal representatives removed or surcharged
What the Form Is and Who Must File It
The Inventory and Appraisement is a sworn list of estate property. In plain terms, it tells the heirs, the creditors, and the court what the decedent owned and what it is worth. The form solves a basic problem: nobody can fairly pay the estate’s bills or divide what is left until everyone knows what exists and what it is worth. Getting it wrong delays the entire estate and can expose you to personal liability.
The person who must prepare it is the personal representative, the individual the court or the probate process names to manage the estate. New Mexico law uses “personal representative” to cover both an executor named in a will and an administrator appointed when there is no will. Under Section 45-3-706, a special administrator or a successor representative who inherits a finished inventory does not have to redo this duty.
New Mexico runs two probate tracks, and the inventory works the same in both. Simple, uncontested estates usually go through the county Probate Court, where you can use Form 4B-601. Larger or contested estates go through the District Court, where you draft your own inventory because the state offers no required district form. Either way, the legal content is identical: list the property, show date-of-death value, and show encumbrances.
A key relationship ties this form to the rest of probate. The appraisement statute, 45-3-707, lets you hire appraisers for hard-to-value items and requires you to name them in the inventory. The distribution statute, 45-3-708 NMSA 1978, tells you to send the inventory to interested persons who ask for it and lets you file the original with the court if you choose.
Before You Start: Documents and Information You Need
Gather your paperwork before you write a single line. A complete pile of records turns this form from a guessing game into simple copying. Below is your pre-filing checklist, with the reason each item matters.
- Your Letters Testamentary or Letters of Administration. These prove your appointment and fix the three-month clock; without them you have no authority to act and no date to count from.
- The decedent’s death certificate. The date of death is the single most important number on the inventory because every value is measured as of that day.
- Real estate deeds. Deeds give you the legal description and confirm whether the decedent owned the property alone, which decides if it even belongs on the list.
- Mortgage and loan statements. These show the encumbrance amount for each asset; leave them out and the inventory overstates the estate’s true worth.
- Bank and investment account statements dated near the death. These supply the date-of-death balances you must report; using a current balance instead is a common error.
- Vehicle titles. Titles give you the VIN and ownership details that tell similar cars apart and confirm the estate owns them.
- Recent tax returns. Returns often reveal income sources, rental property, or accounts you did not know existed.
- Appraisals for unusual items. Art, jewelry, firearms, business interests, and land often need a professional value, and the appraiser’s name and address must go in the inventory.
- Beneficiary and payable-on-death designations. These tell you which assets to exclude because they pass outside probate.
- A list of known creditors and bills. Loans, credit cards, and taxes shape how you record encumbrances and prepare for the next probate step.
If any item is missing, the safest move is to request a duplicate before you file. A missing account statement can push you to guess a value, and a wrong value can later force a supplemental inventory or a fight with an heir.
Where to Get the Form and How to Access It
Probate Court filers should download the official Inventory Form 4B-601 from the New Mexico Courts website. This is the current statewide version, descended from the earlier 4B-401 form that the Supreme Court approved effective September 15, 2000 and amended effective March 1, 2007. Always confirm you are using the latest posting so the heading and use notes match what your county clerk expects.
District Court filers will not find a mandatory form, and that is normal. As New Mexico probate attorneys explain on this inventory and accounting guide, “New Mexico does not provide a form, and you can do this however makes sense to you.” You simply create a titled document that lists assets, date-of-death values, and encumbrances, then sign it. Most filers organize it by asset type so it reads cleanly.
You can fill the form out two ways. You can print it and write by hand in blue or black ink, or you can type into the PDF before printing. Typing is better for long lists because it stays legible and leaves a clean copy on your computer. Whichever you pick, keep an unsigned master copy in case you need to prepare a supplemental inventory later.
There is no statewide filing fee for the inventory itself because, under Section 45-3-708, you are not required to file it with the court at all. You mail it to interested persons who request it. Filing the original with the court is optional and, when offered, is usually free or carries only a small copy charge set by the county clerk.
Step-by-Step: How to Fill Out the New Mexico Inventory Line by Line
The form is short, but every blank carries weight. Follow the fields in the order they appear on Form 4B-601, and treat each one as its own small task.
Court and County Heading: “STATE OF NEW MEXICO, IN THE PROBATE COURT, ___ COUNTY”
This top block asks which court and county handle the estate. You write the county where probate was opened on the COUNTY line, leaving the rest of the heading as printed. Format it in plain capital letters, for example SANDOVAL COUNTY or BERNALILLO COUNTY. If your estate is in District Court, you change “PROBATE COURT” to “DISTRICT COURT” and add the judicial district number, such as SECOND JUDICIAL DISTRICT COURT.
A common edge case is filing in the wrong county. Probate belongs in the county where the decedent lived, not where you live or where the property sits. The most frequent mistake here is copying a county from an old form template, which sends the document to the wrong clerk and can stall the whole case. Many people wrongly believe the heading is just a label; in truth, it ties the inventory to your specific docket, so an error here can leave your document floating outside the case file.
Case Number: “No. ___”
This field asks for the docket number the clerk assigned when probate opened. You copy the number exactly as it appears on your Letters and earlier filings, including any letters or year prefix. For example, Janet Cordova enters PB-2026-114 on the No. line. Match every character, because clerks file by this number.
If you have not yet received a case number, the estate has not been formally opened, and you are not ready to file an inventory. The most common mistake is transposing digits, which causes the clerk to file your inventory in a stranger’s case. People often assume the number is optional on a document they are only mailing to heirs; it is not, because a supplemental inventory or any later court filing must carry the same number to stay connected to your matter.
Decedent’s Name: “IN THE MATTER OF THE ESTATE OF ___, DECEASED”
This line asks for the full legal name of the person who died. You write the name exactly as it appears on the death certificate and the court file, in capital letters. For instance, Carlos Miguel Reyes is entered as CARLOS MIGUEL REYES, DECEASED. Use the name the estate was opened under, not a nickname.
The edge case here is a decedent who used several names, such as a maiden name plus a married name. List the primary legal name and add “also known as” with the alternate if accounts are titled differently, for example MARIA SANTOS RUIZ, a/k/a MARIA SANTOS. The frequent mistake is using a casual name like “Charlie Reyes,” which can break the link between the inventory and accounts titled in the full legal name. Some filers think the name only has to be close enough; banks and title companies match it letter for letter, so a mismatch can freeze an asset transfer.
Field 1: Personal Representative’s Name and Authority Statement
This is the heart of the form. The printed text reads, “I, ___, the personal representative of the estate, have prepared an inventory of the property of the estate.” You fill the blank with your own full legal name, the same name shown on your Letters. Janet Cordova writes JANET MARIE CORDOVA in that blank.
The sentence that follows says you are sending a copy to the interested people who requested it, which matches your duty under Section 45-3-708. If two people serve as co-personal representatives, both names go in the blank and both sign at the bottom. The most common mistake is signing as the personal representative when your appointment has not been finalized, which makes the document powerless. A widespread misconception is that this statement is a mere formality; it is a sworn assertion that the list below is complete, and an incomplete list can later be treated as a breach of duty.
The Asset Listing Grid: “Item,” “Estimated Value on Date of Death,” “Mortgage or Lien”
This three-column grid is where you list the property, and it is where almost all errors happen. The first column, Item, asks for a clear description of each asset. The second column, Estimated Value on Date of Death, asks for the dollar value as of the day the decedent died, not today’s value. The third column, Mortgage or Lien, asks for any loan or claim secured by that exact item.
To fill the Item column, describe each asset with enough detail to tell it apart from others. For real estate, give the address and a short legal description; for a vehicle, give year, make, model, and the last digits of the VIN; for accounts, give the institution and the last four digits of the account number. For example, Janet writes Home at 482 Aspen Rd, Rio Rancho, NM (Lot 7, Block 3, Sundance Subdivision) on the first line and 2019 Toyota RAV4, VIN ending 4471 on the second.
To fill the Estimated Value column, enter the date-of-death figure with a dollar sign, such as $310,000 for the home and $18,500 for the RAV4. To fill the Mortgage or Lien column, enter the payoff balance of any loan secured by that item on the date of death, such as $190,000 for the mortgage, or write $0 or None if the item is owned free and clear.
A frequent edge case is jointly titled or community property. List the estate’s share, and note partial ownership in the item description, for example 50% interest in vacant lot, San Miguel County. The single most damaging mistake in this grid is listing the current value instead of the date-of-death value, which throws off creditor claims, tax basis, and distribution math. Many people wrongly believe they should subtract the mortgage and list only the equity; the form wants the full value in column two and the debt separately in column three, because creditors and heirs need to see both numbers.
Field 2: Signature Block (Signature, Printed Name, Street Address, City/State/Zip, Telephone)
The bottom block makes the inventory official. It asks for your Signature, Printed name, Street address, City, state and zip code, and Telephone number. You sign by hand above the signature line, then print the same legal name below it. For example, Janet signs, prints JANET MARIE CORDOVA, and lists 482 Aspen Rd, Rio Rancho, NM 87124 with her phone number.
Use an address where you can actually receive mail about the estate, because interested persons and the court may contact you there. The edge case is using a P.O. Box; that is acceptable for the mailing address, but courts prefer a physical address when one exists. The common mistake is forgetting to sign at all, which makes the document a draft with no legal effect and can mean you missed the three-month deadline. People often assume a typed name counts as a signature; on a paper inventory, you generally need an actual handwritten signature for it to hold.
Appraiser Information (When Used)
When you hire a professional to value an item, the appraisement rule in 45-3-707 requires you to name that appraiser in the inventory. You add a short note under or beside the valued item, such as Estate jewelry appraised by Linda Ortega, ABC Appraisals, 200 Gold Ave SW, Albuquerque, NM 87102. This shows the value did not come from a guess.
Use a qualified, independent appraiser for art, jewelry, firearms, collectibles, business interests, and unique real estate. The edge case is an item you genuinely cannot value, where a written “value pending appraisal” note is better than a made-up number. The common mistake is naming no appraiser while still reporting a precise odd value, which invites challenge. A frequent misconception is that you may use your own opinion for high-value items; courts give far more weight to an independent appraisal, and an heir can attack a self-set figure.
Three Filled-Out Examples Using Real Scenarios
Below are three estates that match the most common situations New Mexico personal representatives face. Each follows one named filer through the inventory.
Scenario 1 — Small Estate: Maria Santos, a home with a mortgage and one bank account
| Form Section | What Maria Enters |
|---|---|
| County heading | VALENCIA COUNTY |
| Case number | PB-2026-058 |
| Decedent | ROBERT SANTOS, DECEASED |
| Field 1 (PR name) | MARIA SANTOS RUIZ |
| Item 1 | Home at 14 Camino Real, Los Lunas, NM (Lot 9, Block 2) — Value $245,000 — Mortgage $152,000 |
| Item 2 | Wells Fargo checking, acct ending 8820 — Value $6,400 — Lien None |
| Item 3 | 2015 Honda Civic, VIN ending 7732 — Value $9,200 — Lien $0 |
| Signature block | MARIA SANTOS RUIZ, 14 Camino Real, Los Lunas, NM 87031 |
Scenario 2 — Larger Estate: Carlos Reyes, home, vehicles, brokerage, and appraised jewelry
| Form Section | What Carlos Enters |
|---|---|
| County heading | BERNALILLO COUNTY |
| Case number | PB-2026-241 |
| Decedent | ELENA REYES, DECEASED |
| Field 1 (PR name) | CARLOS MIGUEL REYES |
| Item 1 | Home at 482 Ridgecrest Dr SE, Albuquerque, NM — Value $420,000 — Mortgage $98,000 |
| Item 2 | 2021 Ford F-150, VIN ending 1190 — Value $34,000 — Lien $11,500 |
| Item 3 | Fidelity brokerage, acct ending 4456 — Value $162,300 — Lien None |
| Item 4 | Diamond ring, appraised by L. Ortega, ABC Appraisals, Albuquerque — Value $14,000 — Lien None |
| Signature block | CARLOS MIGUEL REYES, 482 Ridgecrest Dr SE, Albuquerque, NM 87108 |
Scenario 3 — Mixed Probate and Non-Probate: Janet Cordova, sorting what belongs on the list
| Form Section | What Janet Enters |
|---|---|
| County heading | SANTA FE COUNTY |
| Case number | PB-2026-114 |
| Decedent | DAVID CORDOVA, DECEASED |
| Field 1 (PR name) | JANET MARIE CORDOVA |
| Item 1 (probate) | Home at 7 Tesuque Ln, Santa Fe, NM (held in decedent’s name alone) — Value $510,000 — Mortgage $0 |
| Item 2 (probate) | Savings acct, First National, ending 3301 — Value $22,750 — Lien None |
| Excluded (note in file) | Life insurance with named beneficiary — NOT listed, passes outside probate |
| Excluded (note in file) | 401(k) with payable-on-death designation — NOT listed |
| Item 3 (probate) | 50% interest in vacant lot, Rio Arriba County — Value $18,000 — Lien None |
| Signature block | JANET MARIE CORDOVA, 7 Tesuque Ln, Santa Fe, NM 87501 |
These examples share a lesson seen in named filers like Maria, Carlos, Janet, and a fourth filer, Aaron Begay, who learned to leave a beneficiary-designated IRA off his father’s inventory. A fifth filer, Priscilla Vigil, added an appraiser’s name to her mother’s art so no heir could dispute the value.
How to File the Completed Inventory
New Mexico treats this document differently from most court papers, so read this section closely. Under Section 45-3-708, you are not required to file the inventory with the court. Your core duty is to send a copy to interested persons who request it.
By mail to interested persons. This is the main channel. After signing, mail a copy to each heir, devisee, spouse, child, creditor, or beneficiary who has asked for it. There is no fee. Use regular first-class mail and keep a copy plus a short note of the date you mailed it; that note is your proof of compliance. Expect no formal response, since this is a notice, not a request for approval.
Filing the original with the court (optional). Section 45-3-706(B) lets you file the original with the appropriate court if you want the docket to show the inventory was done. In Probate Court, take or mail it to the county Probate Court clerk in the courthouse where you opened the estate; in District Court, file it with the district clerk. Counties rarely charge for this, though a clerk may collect a small per-page copy fee. Keep a file-stamped copy as your proof of filing.
Notice of completion (optional). Some filers prefer not to put asset values in the public record, so instead of filing the full inventory they file a short “notice of completion” stating the inventory was prepared and sent. This satisfies the spirit of the law while keeping figures private. Keep your stamped copy as proof.
Whatever channel you use, hold onto your signed original, a copy of each mailing, and any appraisals for the life of the estate. These records protect you if an heir later claims you hid or undervalued an asset.
What Happens After You File
Once the inventory is prepared and shared, the estate moves into its working phase. The personal representative uses the list to pay valid debts, manage assets, and plan how to divide what remains among the heirs and devisees. The inventory becomes the baseline everyone measures the estate against.
Interested persons who receive the inventory may review it and raise questions about missing assets or values that look off. If they disagree, they can ask the court to review your work, which is why an honest, well-documented inventory protects you. As the Estate of Gardner ruling shows, a personal representative who left a 300-acre property off the inventory was found to have breached the duty under 45-3-706.
If you discover new assets or learn that a value was wrong, you prepare a supplemental inventory. There is no penalty for filing one in good faith; it simply updates the record. You list the new or corrected items the same way and send it to the same interested persons.
Later in the case, the inventory feeds into the estate accounting, which shows what came in, what went out, and what is left to distribute. A clean inventory makes that final accounting far easier and speeds up closing the estate.
Mistakes to Avoid When Filling Out the Inventory
Each error below has tripped up real personal representatives. Read them as a checklist before you sign.
- Listing the current value instead of the date-of-death value. This skews creditor claims and tax basis and can force a redo.
- Subtracting the mortgage and listing only equity. The form wants full value in one column and debt in another, so combining them hides the real numbers.
- Leaving an asset off the list. An omitted asset can be treated as a breach of duty, as in the Estate of Gardner case.
- Including non-probate assets. Listing life insurance or payable-on-death accounts that pass to named beneficiaries clutters the inventory and confuses heirs.
- Guessing the value of art, jewelry, or a business. Without an appraiser’s name, heirs can attack your figure and demand a new valuation.
- Forgetting to sign and date the form. An unsigned inventory has no legal force and may mean you blew the three-month deadline.
- Using a nickname for the decedent. A casual name breaks the link to accounts titled in the full legal name.
- Writing the wrong case number. A transposed digit files your inventory in the wrong case.
- Missing the three-month deadline. Late inventories can be grounds for removal as personal representative.
- Failing to send copies to interested persons who requested them. This violates Section 45-3-708 and can draw a court complaint.
- Skipping the encumbrance column. Omitting a lien overstates the estate and misleads creditors.
- Not keeping proof of mailing. Without it, you cannot prove you met your duty if challenged.
Do’s and Don’ts
A short list of habits that keep your inventory clean and defensible.
Do:
- Do value every asset as of the date of death, because that is the date the law fixes.
- Do describe each item with enough detail to tell it apart, so no one can claim confusion.
- Do name any appraiser you use, because the law requires it and it shields your values.
- Do keep copies of everything you mail, since proof protects you later.
- Do prepare a supplemental inventory the moment you find a new asset, to keep the record honest.
- Do confirm you are using the current 4B-601 form, so the headings match your court.
Don’t:
- Don’t list assets that pass by beneficiary designation, because they are outside probate.
- Don’t report only equity in real estate, since the form needs full value and debt apart.
- Don’t sign before the list is complete, because the signature swears it is finished.
- Don’t miss the three-month window, as lateness can cost you the appointment.
- Don’t invent values for hard-to-price items, because an unsupported number invites a fight.
- Don’t throw away appraisals or statements, since you may need them at the final accounting.
Pros and Cons of Filing on Your Own vs. With Help
Many estates are simple enough to handle alone, while others call for a probate attorney. Weigh both sides.
| Filing on Your Own | Filing With Professional Help |
|---|---|
| Pro: Saves on attorney fees, which matters in a modest estate. | Pro: A lawyer spots assets and liens you might miss, reducing breach risk. |
| Pro: You control the timing and can act fast within the three months. | Pro: Professionals know how to value and document tricky items correctly. |
| Pro: Simple estates with a house and a few accounts are very manageable. | Pro: Help reduces the chance of a removal or surcharge fight, as in Gardner. |
| Pro: You learn the estate intimately, which helps at every later step. | Pro: An attorney handles interested-person disputes so you do not face them alone. |
| Pro: No waiting on a lawyer’s schedule to meet your deadline. | Pro: Guidance gives peace of mind during a stressful, grieving time. |
| Con: One missed asset can become a breach of duty. | Con: Attorney fees reduce what heirs receive. |
| Con: Valuing art, business interests, or land is hard without expertise. | Con: You may wait on the lawyer’s calendar near a deadline. |
| Con: You bear full personal responsibility for errors. | Con: Some simple estates do not need paid help at all. |
| Con: Mistakes can trigger costly supplemental filings later. | Con: You stay less involved and may understand the estate less well. |
| Con: Disputes with heirs land squarely on you. | Con: Finding the right probate attorney takes time and vetting. |
Probate Court vs. District Court Inventory
The two New Mexico tracks differ in form and formality, not in substance.
| Probate Court (Form 4B-601) | District Court (Self-Drafted) |
|---|---|
| Uses the state’s short fill-in 4B-601 form. | No mandatory form; you draft a titled list yourself. |
| Best for simple, uncontested estates. | Best for larger, contested, or complex estates. |
| Filed with the county Probate Court clerk if you file at all. | Filed with the district clerk if you choose to file. |
| Same date-of-death valuation and encumbrance rules apply. | Same date-of-death valuation and encumbrance rules apply. |
| Same three-month deadline under 45-3-706. | Same three-month deadline under 45-3-706. |
The key agencies and authorities that interact with this form are the county Probate Court, the District Court, and the New Mexico Uniform Probate Code in Chapter 45. The three governing statutes are 45-3-706 on the duty and deadline, 45-3-707 on appraisers, and 45-3-708 on sending and optional filing.
FAQs
Do I have to file the New Mexico inventory with the court?
No. Under Section 45-3-708, you only send copies to interested persons who request it. Filing the original with the court is optional and may help your docket show completion.
Do I list the value as of today or the date of death?
No, never today’s value. The form’s middle column says “Estimated Value on Date of Death,” so every figure must reflect the day the decedent died, not the day you fill it out.
Do I subtract the mortgage from the home’s value in Field 1’s grid?
No. You enter the full value in the “Estimated Value” column and the loan balance separately in the “Mortgage or Lien” column, because heirs and creditors need both numbers.
Do I include life insurance with a named beneficiary?
No. Assets that pass by beneficiary or payable-on-death designation skip probate, so they do not belong on the inventory and should be left off the list.
Do I write the decedent’s nickname in the “IN THE MATTER OF” line?
No. Use the full legal name from the death certificate and court file, because banks and title companies match names letter for letter before releasing assets.
Do I have to name the appraiser I used in the inventory?
Yes. New Mexico’s appraisement rule requires you to identify any appraiser, with name and address, so your reported value is backed by an independent source.
Do I get more than three months to prepare it?
No. Section 45-3-706 sets a three-month deadline from your appointment, and missing it can be grounds for removal as personal representative.
Do co-personal representatives both sign Field 2?
Yes. When two people serve together, both names go in the Field 1 statement and both must sign the signature block for the inventory to be valid.
Do I need to value every single household item separately?
No. You may group ordinary household goods into one reasonable line, such as “household furnishings,” while listing valuable items like jewelry or firearms on their own.
Do I have to redo the whole inventory if I find a new asset?
No. You prepare a short supplemental inventory listing only the new item and send it to the same interested persons, with no penalty for a good-faith update.
Do I use Form 4B-601 if my case is in District Court?
No. That form is built for Probate Court; in District Court you draft your own inventory, though the date-of-death and encumbrance rules are identical.
Do I have to send the inventory to heirs who never asked for it?
No. The statute requires you to send copies only to interested persons who request it, but sending to all heirs anyway is a smart way to avoid later disputes.
Do I put my P.O. Box in the signature block address?
Yes, a P.O. Box is acceptable for receiving mail, though courts prefer a physical street address when you have one so they can reach you about the estate.
Related reading
- How to Fill Out Idaho Inventory and Appraisement of the Estate + FAQs
- How to Fill Out the Maine Probate Inventory and Appraisement of the Estate (Form DE-405) + FAQs
- How to Fill Out New Mexico Application for Informal Probate + FAQs
- How to Fill Out the New Mexico Final Account and Petition for Distribution + FAQs
- How to Fill Out New Mexico Notice to Creditors (w/Examples) + FAQs
- How to Fill Out a New Mexico Small Estate Affidavit (w/ Examples) + FAQs
- How to Fill Out Arkansas Petition for Probate of Will (w/Examples) + FAQs