New Mexico Sample Letter for Decedent's Real Estate Transaction
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How to fill out Sample Letter For Decedent's Real Estate Transaction?
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FAQ
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.
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.
After the judge signs the order appointing the personal representative, the court issues Letters Testamentary(when there is a will) or Letters of Administration (where there is no will). The letters give personal representatives the legal authority to conduct the decedent's estate business.
A PR appointed informally by the Probate or District Court has legal authority to sell real property and to transfer title to it via a ?Personal Representative's Deed? from the estate to the new owner(s). It is the PR's job to have this deed prepared, signed, acknowledged before a notary public, and properly recorded.
Informal probate allows the estate to be probated through an administrative process without any court involvement and no court hearings. The estate is opened by an application and can be opened the day that the application is filed, or within a few days.
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.
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.
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.
In an informal probate, beneficiaries are notified after a personal representative has been named. Informal probate is best used when heirs get along and you have no reason to think there will be any future conflicts.
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.
