When someone dies, probate is the process by which their estate is settled. Whether you’re anticipating an inheritance or you’re having your own will prepared, it’s wise to familiarize yourself with these proceedings. Each state has specific laws that dictate the process; here’s a quick guide to how estates are settled in New Mexico.

An Introduction to Probate in New Mexico

What happens during probate?

When someone dies, their will may filed in court to determine its validity. During the proceedings, the personal representative of the estate will locate the assets, pay back any applicable debts, file the deceased's final tax return, and distribute the property that remains to eligible beneficiaries. 

Do all estates have to pass through probate?

Real estate is going to cause probate to happen, even with a Will.  To avoid that, we prepare for you a Deed that will transfer the property upon your death.  For everything but real estate, estates worth less than $50,000 can often be settled with an Affidavit of Small Estate. It will be other entities, like banks, retirement accounts, title companies, that will push you into a probate.  We can help with the proper use of beneficiary designations to avoid most issues that cause probate. 

How long does it take?

Because every estate is unique, there’s no standard timeline for settling one. The process in New Mexico usually takes one to two years; however, much of the work is completed in the first six months. Because creditors may have up to 12 months to make a claim, the representative may wait that long before they start distributing the assets to the deceased’s rightful heirs. 

What if the deceased didn't leave a will?

Again, it is other entities that will make you probate an Estate rather than you just choosing to do one. However, instead of distributing the property according to the deceased’s wishes, the laws of intestate succession will determine who gets what part of your Estate.  This is especially slippery for second marriages. 

If you recently lost a loved one and you need help navigating the proceedings — or you want to implement arrangements that'll allow your heirs to bypass probate — turn to Bristol Law Office. Located in Roswell, NM, this general practice firm is backed by more than 30 years of experience in the legal field. Their knowledgeable team can assist with all of your estate planning needs. To request a consultation, call (575) 625-5284. Visit their website for more information.