New Mexico Probate Administration
When someone dies, their property must be distributed and their creditors paid. The distribution process is typically done through something called Probate. Probate requires someone acting on behalf of the deceased person (“decedent”) to gather property, notify and pay off creditors, pay taxes, and distribute the remaining property to the deceased’s heirs according to his or her will. Probate or district court is where the will gets admitted. the probate court will then issue letters testamentary to give someone the ability to act on behalf of the estate; this person is known as the personal representative of the estate. Sometimes an attorney will serve as the personal representative of the deceased’s estate, or it can be a trusted friend or family member designated by the deceased’s will. Probate can be an expensive process because it is done through the court system. Proper estate planning can allow an individual to avoid to costs associated with probate.
Probate is required to transfer property in New Mexico, unless the property was held as a joint tenancy or a transfer on death deed was recorded. New Mexico also has a familial allowance of up to $30,000, and a personal property allowance of up to $15,000. This means that creditors will not get paid unless the estate has more than $45,000 worth of assets.
If a person dies with a Will & Last testament, the person is considered to have died testate. A person that dies without a Will is considered to have died intestate. Dying testate or intestate requires the deceased’s property be distributed. If the person dies intestate, then the state determines how the property will be distributed, therefore it is recommended that a person hire an estate planning attorney to avoid having the State determine who gets your property.
If you have been giving notice of a probate filing regarding your loved one, it may benefit you to retain an attorney to represent your interests. If you believe that the your loved one had different plans for their distribution of property, we can help you challenge a will or trust. Challenging a will or trust requires showing that the decedent was susceptible to influence and was indeed taken advantage of. Contact us for more information regarding your situation.
A New Mexico probate attorney can help guide you through the New Mexico probate process. We understand that probate can be an emotional process and we seek to provide quality service so that you can have peace of mind knowing your loved one’s estate is being handled properly. Contact us today if you need help with the probate process!