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Formal Probate: High level of court supervision, with multiple hearings and judicial oversight. Informal Probate: Minimal court involvement, with fewer hearings and more autonomy for the personal representative.

In New Mexico, estates valued at $50,000 or less may be exempt from probate under certain circumstances. Additionally, the process can be avoided if all property is structured to transfer automatically upon the owner's death or if assets are appropriately placed within a living trust before the individual's passing.

Informal probate is a simplified process of executing a will, managing estate claims, and distributing properties to beneficiaries in ance with the decedent's wishes.

Formal probate is the process of proving a will is valid in court. Informal probate is a more simplified process that does not involve court proceedings.

Normally, a probate must be filed within three years following the decedent's death. Under New Mexico law no appointment of a personal representative may be made during the first 120 hours (five days) following the death.

Informal probate proceedings are the most common probate proceedings because such cases are uncontested with no disputes between the parties involved. The unsupervised formal probate ensures that the probate judge monitors the personal representative's actions concerning the assets' disposition.

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

In New Mexico, the executor typically has three months from the date of their appointment to complete this inventory and submit it to the court. Communicating with Creditors: Once the inventory is complete, the executor must then notify all known creditors of the deceased's passing.

Surviving spouse and no children — Everything goes to the spouse. Surviving children and no spouse — The children receive everything. Parents and no children or spouse — Everything goes to the parents. Siblings and no spouse, children, or parents — The siblings inherit everything.