New Mexico Sample Letter for Closing of Estate - Request to Execute
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How to fill out Sample Letter For Closing Of Estate - Request To Execute?
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FAQ
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.
When is it required for my Will to be probated through Court? In New Mexico, if the total value of the estate exceeds $50,000 the will must go through the Court to be probate. An estate worth less than $50,000 is considered a small estate.
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.
In New Mexico, executor fees are not explicitly defined by statute. Instead, "reasonable" compensation is allowed, which varies based on several factors such as the complexity of the estate and the amount of work required by the executor.
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.
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.
Formal probate is best when there are disagreements concerning the will or appointing a personal representative. This may be chosen when the estate is complex. Informal probate is less time-consuming and done at a lower cost. This is a good option if the assets are straightforward and there are no disagreements.
The Estate Settlement Timeline: While New Mexico law does not specify a strict deadline for this step, it is generally recommended to do so within a month to ensure a timely start to the probate process.
