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Do wills have to be probated in New Mexico?

When is it required for my Will to be probated through Court? In New Mexico, if the total value of the estate exceeds $50,000 the will must go through the Court to be probate. An estate worth less than $50,000 is considered a small estate.

What is a small estate in New Mexico?

A New Mexico small estate affidavit is a method of collecting the property of someone who died that is usually faster than the traditional methods of estate administration. It is available whether or not the decedent, the person who died, had a will.

What happens in New Mexico if someone dies without a will?

If you die without a will in New Mexico, your assets will go to your closest relatives under state "intestate succession" laws.

Do you have to go through probate in New Mexico?

A probate may be started up to three (3) years after a person's death. Probates are not always required in New Mexico.

What is the small estate threshold in New Mexico?

New Mexico Summary: Under New Mexico statute, where as estate is valued at less than $50,000, an interested party may, thirty (30) days after the death of the decedent, issue a small estate affidavit to collect any debts owed to the decedent.

affidavit of successor in interest new mexico

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How does probate work in NM?

New Mexico has a simplified probate process for small estates. To use it, an executor files a written request with the local probate court asking to use the simplified procedure. The court may authorize the executor to distribute the assets without having to jump through the hoops of regular probate.

Who inherits when there is no will in New Mexico?

SHARE OF SPOUSE AND CHILDREN If a decedent had no children and no Will, the surviving spouse receives all of the decedent's separate property. If the decedent had children and no Will, the decedent's children (or their heirs) receive 75% of the separate property, and the surviving spouse receives 25%.

What happens when someone dies without a will in New Mexico?

Dying without a Will in New Mexico If there isn't a will, the court will appoint someone, usually an adult child or surviving spouse, to be the executor or personal representative. The executor or personal representative takes care of the estate of the decedent.

How do you avoid probate in New Mexico?

Living trusts In New Mexico, you can make a living trust to avoid probate for virtually any asset you own\u2014real estate, bank accounts, vehicles, and so on. You need to create a trust document (it's similar to a will), naming someone to take over as trustee after your death (called a successor trustee).

What is a small estate?

Generally, a small estate is one that contains no property and only a small amount of money. Property is usually the most valuable asset in an estate, so not owning property significantly reduces the size of the estate.

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