Detailed Answer
Effectively preparing for probate reduces delays and costs under New Mexico law. Probate is the court-supervised process that validates a decedent’s will and distributes assets. NMSA 1978, § 45-3-101 defines the probate administration process. Gathering key documents before passing empowers your personal representative to file timely petitions and meet statutory requirements.
Key Documents and Information
- Last Will and Testament: The original, signed will executed under New Mexico law. NMSA 1978, § 45-2-501 requires a written document signed by the testator and witnessed by two individuals. 45-2-501.
- Trust Documents: Revocable or irrevocable trust agreements. List trustees, successor trustees and trust assets.
- Asset Inventory: Real property deeds, vehicle titles, business ownership documents, stock certificates, brokerage statements and safe deposit box details.
- Financial Accounts: Bank, credit union and retirement account statements; account numbers and contact information for financial institutions.
- Insurance Policies: Life, disability, long-term care and homeowner policies. Note policy numbers, coverage details and beneficiary designations.
- Debts and Obligations: Mortgage, loan and credit card statements; outstanding bills and monthly expense summaries.
- Digital Assets: Email accounts, social media profiles, cryptocurrency wallets and any online financial platforms. Provide usernames, passwords and security questions.
- Funeral and Burial Instructions: Prepaid funeral contracts or expressed wishes to guide memorial planning.
- Key Contacts List: Personal representative, beneficiaries, family members, accountant and attorney names with contact details.
- Small Estate Affidavit Eligibility: For estates under $100,000 in personal property or $50,000 in real property, see NMSA 1978, § 45-3-302. 45-3-302.
Organizing these materials before death allows an executor or personal representative to file a probate petition promptly, submit required inventories and accountings, and resolve creditor claims within deadlines set by NMSA 1978, § 45-3-803 (claims deadlines). Early preparation helps avoid delays, surcharges and extra court fees.
Helpful Hints
- Start early: Review documents every two years or after major life events.
- Store originals safely: Keep them in a fireproof home safe or safety deposit box with clear access instructions.
- Inform your personal representative: Share a copy of the asset inventory and location of originals.
- Keep digital and paper lists in sync: Update usernames, passwords and account changes.
- Consult an attorney: Ensure your will and trust comply with New Mexico statutes and reflect current wishes.
Disclaimer: This article is for informational purposes and does not constitute legal advice. Consult a licensed attorney in New Mexico for advice tailored to your situation.