Probate Law
When your loved one passes away, it is a shocking and devastating day. Settling emotions, coordinating funeral arrangements, and dealing with the division of assets are all matters to address. Unless there is a certain type of trust set up or within the small estate law, probate is next in the process.
Probate Law is governed by the New Mexico Chapter 45 Uniform Probate Code. Probate can be complicated if there is no written will (intestate) or if there are interested parties contesting the estate. A personal representative is appointed via will or by the court, to administer your loved one’s estate after death. The personal representative does an audit of all assets. Once the assets are appraised, the court will order dissemination.
There is a small estate law carve out in which an asset owned by your loved one, includes;
- does not exceed $50,000 less liens, encumbrances
- your loved one passing has been at least 30 days
- there is no petition or application for a personal representative with the court
- the heirs have a right to claim property
In summary, a probate attorney also can assist you with the following:
- Assess small estate law qualification
- Identify assets
- Secure assets
- Appraisal of assets
- Mediate disagreements between beneficiaries, personal representative,s or contested party
- Marketing property for sale with 20 years of experience in real estate
- File and represent you for the probate process in court
- Coordinate asset allocation for beneficiaries
There are exceptions to probate not delineated above as not all assets qualify under the small estate law. Contact an attorney to assist you so you choose the right process and ensure all assets are handled properly for distribution.
Contact Us
If you need a reliable real estate lawyer in New Mexico, contact Victoria Bateman today for a consultation.
