How Much Does an Estate Have to Be Worth to Go to Probate in New Mexico?

Anyone who recently had a loved one pass away may be wondering how much does an estate have to be worth to go to probate in New Mexico. Probate laws are strictly enforced, and any creditors tied to the state will likely be watching to make sure they are given an opportunity to collect against the estate. One way you can make sure that you are in compliance with state law is by hiring a skilled estate planning attorney with experience helping families navigate the state probate system.

When an Estate Does Not Have to Go through Probate

Arizona’s probate courts ensure that the directives in lawful wills are followed and that heirs and beneficiaries receive what is lawfully passed down to them when an estate owner dies. The probate courts also make sure that all debts are paid before anything is allocated to beneficiaries.

Many people assume that everything has to go through probate when someone dies, but this isn’t true in all cases. Under state law, estates valued under $50,000 may be exempt from the probate process. Beyond being valued at $50,000 or less, an estate must not have any real property (homes, land, buildings, etc.). Once these requirements are met, the heirs and beneficiaries of the estate may divide the estate in accordance with the wishes of the decedent.

An Affidavit of Successor must be signed by the parties who receive the decedent’s property. The surviving spouse can directly take ownership of the decedent’s primary residence by using an Affidavit of Surviving Spouse. To ensure that you are in compliance with state laws, it can be prudent to seek guidance from Albuquerque estate planning lawyers.

Additionally, parts of an estate may avoid probate when they are automatically transferred through a trust. A trust can be set up in a manner so that certain assets and properties are automatically transferred to named individuals when the owner of an estate dies.

A testamentary trust is a legal arrangement established through estate planning. It details how assets will be distributed to designated beneficiaries upon their death. These trusts are irrevocable and only take effect after the person has passed away.

Probate isn’t needed to transfer personal items like furniture, jewelry, and artwork. It is also unnecessary if the deceased set up non-probate transfers for a titled property. Examples include real estate held as joint tenants, bank accounts with payable on death designations, property with a transfer on death deed, and brokerage accounts with death beneficiaries.

How Can I Reduce the Need for My Estate to Go Through Probate?

An estate planner can help you reduce the time that your family has to spend going through the probate process. Ideally, estate planning should begin early in adulthood. As your financial situation and life goals evolve, your estate planner can help you arrange your affairs accordingly.

One of the most important parts of estate planning involves the drafting and signing of your will. A lawfully drafted will clearly mark your intentions following your death. The probate courts will use the will to guide the division of your estate. A clearly worded will can save your family time and resources.

Other areas that our estate planning attorney can help with include beneficiary designations, establishing joint ownership over property to bypass probate, drafting of transfer-on-death deeds, allocating certain assets as gifts to avoid probate, and other steps that can greatly reduce or eliminate the need for anyone to go to probate court to inherit property or assets from your estate.

FAQs

Q: What Does a Personal Representative Do?

A: The personal representative (also known as the executor) gathers all assets of the deceased, pays any outstanding debts and taxes, and manages the estate’s assets until the probate period is complete. Once the debts are paid, the personal representative will divide the estate and distribute the assets to heirs and beneficiaries. Then, they complete the final accounting and close the estate.

Q: How Do I Avoid Probate in New Mexico?

A: If your estate is valued at less than $50,000 and you do not own property, your estate may not have to go through probate. If your estate is valued at more than $50,000, an estate planning attorney can set up a trust, draft wills, and help you designate beneficiaries so you can minimize the need to go through probate.

Q: What Happens If I Don’t Leave Behind a Will?

A: If you do not leave behind a lawfully executed will, you will likely create a burden for your family. Any questions about how your estate will be divided must go through the probate courts. Your family members may have to independently hire attorneys to represent their interests in court.

Q: What Are the Rules for Probate in New Mexico?

A: The rules for probate are set up through state laws and statutes that are enforced through the probate courts. Probate laws are designed to ensure that the decedent’s wishes are honored after death. When there is no will left, an estate is divided according to the rules of intestate succession.

Q: How Much Does Probate Cost in New Mexico?

A: Any use of the court system comes with the potential for court fees and filing fees. Another common cost associated with settling an estate is the cost of hiring an attorney. Attorney fees could be paid by the estate. Having an attorney available to guide the estate settlement process can ensure that laws are followed and there is reduced risk that any involved parties will allege their rights were violated.

Schedule Your New Mexico Estate Planning Consultation Today

With the help of an estate planning attorney, anyone can reduce and streamline the probate process. This can be a great relief for surviving loved ones, as probating an estate can be time-consuming and tiring for those involved.

The attorneys at Gilchrist Law Firm, P.C., have many years of experience helping clients avoid or reduce the need to go through probate. We can do the same for you and your family. To schedule your estate planning consultation, contact our office today.