How to Determine What Assets Remain in an Estate After Paying Debts and Fees in NM
Detailed Answer After a decedent’s death, the personal representative must determine which assets remain after paying debts, fees, and expenses. In New Mexico, the process follows these steps: 1. Compile a Complete Inventory List all probate assets, including real property, bank accounts, investments, personal property, and business interests. Use fair market values as of the […]
Read article →How to Manage Estate Administration When Assets Span Multiple Jurisdictions in New Mexico
Disclaimer: This article is for educational purposes only and does not constitute legal advice. Consult a licensed attorney in New Mexico for guidance on your specific situation. Detailed Answer When someone dies owning property in more than one county or even outside New Mexico, the executor or personal representative must ensure lawful transfer of all […]
Read article →What documents are needed to complete a small estate affidavit for estate assets in New Mexico
Disclaimer: This article is for informational purposes only and does not constitute legal advice. Detailed Answer In New Mexico, a small estate affidavit lets a qualified person transfer estate assets without formal probate when the estate’s value (excluding homestead allowances) does not exceed $75,000. The process is governed by Sections 45-3-130 through 45-3-132 of the […]
Read article →How to Distribute Estate Assets to Heirs Using a Small Estate Affidavit Process in New Mexico
Detailed Answer Under New Mexico’s Small Estate Act (NMSA 1978, §§ 45-3-701 to 45-3-706), you can transfer certain assets without formal probate if the total value of personal property subject to probate does not exceed $100,000. Follow these steps to distribute assets using a small estate affidavit: Step 1: Confirm Eligibility Total personal property (bank […]
Read article →How to Validate and Certify an Affidavit of Collection to Collect Personal Property in NM
Disclaimer: This article is for educational purposes only and does not constitute legal advice. Consult a licensed attorney in New Mexico for guidance. Detailed Answer Under New Mexico’s Uniform Probate Code, a qualified person may collect a decedent’s personal property without formal probate when the estate’s total value does not exceed $50,000. This process uses […]
Read article →How to initiate the sale of estate property to satisfy creditor claims in New Mexico
Disclaimer: This article is for educational purposes only and does not constitute legal advice. Always consult a qualified attorney in New Mexico regarding your specific situation. Detailed Answer: Initiating a Sale of Estate Property in New Mexico When an estate lacks sufficient liquid assets to pay valid creditor claims, a personal representative (executor or administrator) […]
Read article →What options exist for selling or auctioning personal property to reimburse estate expenses and equalize distributions among heirs in New Mexico?
Detailed Answer When a decedent’s estate holds personal property in New Mexico, the personal representative may sell or auction items to pay estate expenses, reimburse advances, and equalize distributions among heirs. Under the New Mexico Probate Code, the representative must follow statutory steps before any sale. 1. Authority to Sell Property New Mexico law grants […]
Read article →What procedures ensure estate expenses and creditor claims are addressed before distributing assets to heirs in New Mexico?
Disclaimer: This article provides general information on New Mexico probate procedures. It does not constitute legal advice. Detailed Answer In New Mexico, a personal representative must pay estate expenses and creditor claims before distributing assets. The process includes appointment, notice, inventory, claim resolution, and final distribution. 1. Appointment of Personal Representative The probate court formally […]
Read article →How Is the Fair Market Value of Personal Property Calculated in a Probate Case in New Mexico?
How Is the Fair Market Value of Personal Property Calculated in a Probate Case in New Mexico? Disclaimer: This article is for informational purposes only and does not constitute legal advice. Consult an attorney for advice specific to your situation. Detailed Answer Appraisal Requirements under New Mexico Law Under NMSA 1978 § 45-2-801, the personal […]
Read article →How Do I Determine Ownership When My Deceased Parent Is the Only Name on the Deed in New Mexico?
Disclaimer: This is not legal advice. Determining Property Ownership After a Parent’s Death in New Mexico Losing a parent raises many questions, especially if your deceased parent is the sole name on the deed. In New Mexico, you must follow specific steps to transfer or confirm ownership. This guide outlines key actions under the New […]
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