The Uniform Probate Code was drafted by the National Conference of Commissioners on Uniform State Laws. However, not all state legislatures have adopted it. This form is a generic example that may be referred to when preparing such a form for your particular state. It is for illustrative purposes only. Local laws should be consulted to determine any specific requirements for such a form in a particular jurisdiction.
New Mexico Sworn Statement of Beneficiary of Estate and Consent to Close Estate - Uniform Probate Code
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FAQ
If you do not have a will, your property may get distributed through intestate procedures. In New Mexico, for any deceased person whose total assets (their estate) exceed a value of $50,000, their will or estate (even without a will) may need to go through probate.
Can Probate be Avoided in New Mexico? New Mexico makes it easy to avoid probate court if that is what someone wants to do. Nearly all assets can be registered or recorded as transfer-on-death. Homes, securities, and bank accounts can all be set up like this so that upon death, control immediately transfers to another.
How long does Probate take? From start to finish, most New Mexico probates take about two years to complete. However, 90% of the work is usually done in the first five or six months of a probate, and most estates distribute assets within a year. Creditors have up to one year to make a claim.
The New Mexico probate process is fairly simple in comparison to the process in some other states. In fact, not every estate needs to go through probate. Estates valued at $50,000 or less can avoid probate in some instances.
New Mexico offers probate shortcuts for smaller estates. One shortcut allows inheritors to completely skip probate when the value of the entire estate after liens and encumbrances are subtracted, is worth $50,000 or less.
Probate can be filed any time between 5 days and 3 years after the decedent's death. Note: A probate case may be filed after the 3 year period for the limited purpose of transferring title to real property from the decedent's name to the decedent's heirs.
If an estate is simple and uncontested, probate attorney fees in New Mexico can range from $3,000 - $5,000 in total. As things get more complicated, legal fees will adjust ingly.
Formal proceedings are those conducted before the District Court with notice to interested parties. Informal proceedings are those conducted without prior notice to interested persons by an officer of the court acting as registrar for probate of will or appointment of personal representative.
