What Is Probate?
Probate occurs after someone has died. Its purpose is to transfer a deceased person’s estate to either to their heirs. Exactly how a specific case is handled will in large part be based on whether or not they left a will. The statutes differ significantly. Individuals who have left a will have already designated an executor. This person will be responsible for paying off creditors and distributing property and/or assets to the beneficiaries.
The probate process begins after an administrator is selected. They will be responsible for becoming educated about the probate laws in New Mexico. The specific statutes, deadlines and mandates are likely to be different from probate law in other states. Therefore, it would be wise to handle the probate with an attorney. The administrator can use assets from the estate to hire an attorney. It behooves everyone involved to have counsel because it will help avoid delays associated with having an inexperienced administrator. Missed deadlines and paperwork that is filled out wrong can hamper the probate case.
The estate administrator is fiscally compensated. They typically receive a percentage of the estate. The exact amount can be found in the New Mexico probate statutes. Depending on the size of the estate, whether or not a will was left behind, the number of creditors, beneficiaries and the court, probate can take a number of months and even years.
There are certain steps that must be followed. Any of these steps could cause the case to be delayed. For example, creditors have a number of months to submit a claim. Therefore, the probate can be held up until, the allotted time has passed. One can easily see how, the time can quickly add up.
Beneficiary Loans
Waiting months or years for a case to get out of probate can be frustrating, especially for individuals who have been left inheritance money. Knowing that the money is there but can’t be distributed can be quite madding. Individuals that are in serious need of money or have plans for their inheritance windfall have the option of getting a beneficiary loan. This is a loan that is given to persons waiting on their inheritance. It allows them to get money now and pay it back when their money is finally distributed. Some individuals simply can not afford to wait years while their case is in probate. Probate loans come in varying amounts. They can be for as little as a few thousand dollars and as high as $1,000,000.
Intestate Probate Laws
Probate typically works best when the decedent has left a will. This is because everything is already in place. The administrator has been named and the deceased has already decided who is getting what, which makes it much easier for everyone involved. When a person has not left a will, intestate laws will determine who acts as the administrator, how creditors will be paid and who is eligible for a portion of the estate. These types of cases can take longer time, especially if there is some wrangling and fighting over assets and the administration of the estate.
Again, attempting to handle a probate case on one’s own is generally not a good idea. The administrator of a will should find an experienced probate attorney that is familiar with the probate law in New Mexico. Everyone is better served and the process will be completed much faster with the aid of experienced and knowledgeable counsel.
Probate Resources- New Mexico
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