Legal Question in Wills and Trusts in New Mexico

I assume you are speaking of a beneficiary designation on a sole annuity. The language you quote is not used in NM. An annuity may be sole or joint in NM, and there is no need for the 50% language. NM is a community property state, as is AZ, but there are differences. In NM a spouse is entitled to 50% of all assets acquired after the marriage, or by gift from the other spouse. It appears that the annuity you describe would go 1/2 to the owner's estate at death, and 1/2 to the spouse. If that is the case, that form of ownership would be correct in NM