Managing Mortgage Payments and Utilities for an Estate in New Mexico
Managing mortgage payments and utilities during probate in New Mexico Disclaimer: This is general information and not legal advice. I am not a lawyer. For advice about your situation, consult a licensed New Mexico attorney. Short answer — who must pay and what can happen When a person dies, recurring obligations tied to a deceased […]
Read article →How to Decide Which Assets to List on a New Mexico Small Estate Affidavit
Deciding Which Assets to List on a New Mexico Small Estate Affidavit Disclaimer: This is educational information only and not legal advice. I am not a lawyer. For advice about your specific situation, contact a licensed New Mexico attorney or the probate court in the county where the decedent lived. Detailed Answer — How to […]
Read article →How to Find a Missing Parent as Next-of-Kin During Probate in New Mexico
Detailed Answer Short answer: If you are a next-of-kin trying to find a missing parent during New Mexico probate, the court expects you or the personal representative to make a reasonable, documented search. If the parent cannot be located, New Mexico probate procedures allow notice by mail to any known last address and notice by […]
Read article →Do I need to list survivorship assets on a probate inventory? — New Mexico
Understanding what to list in a probate inventory in New Mexico Detailed Answer This article explains, in plain language, how New Mexico probate generally treats assets that pass automatically to a survivor (assets held with a right of survivorship), and whether those assets normally belong on a court inventory. This is an educational overview and […]
Read article →New Mexico — Determining Whether Bank Accounts Fall Under the $20,000 Small Estate Limit
Can I use New Mexico’s small estate process for a bank account under $20,000? Short answer: You must add up the decedent’s personal property (not including certain excluded items) to determine whether the total falls at or below the small‑estate threshold. To know whether a particular bank account can be handled using the small estate […]
Read article →How to Use a Small Estate Affidavit in New Mexico to Claim a Deceased Parent’s Bank Account
How to use a small estate affidavit in New Mexico to claim a deceased parent’s bank account Short answer: In New Mexico you can often collect a deceased person’s bank account using a small estate affidavit or similar document if the estate is small and no full probate administration is open. You must follow the […]
Read article →New Mexico Guardianship: Do You Automatically Become Guardian of the Estate if Appointed Guardian of the Person?
Understanding Whether a Guardian of the Person Automatically Becomes Guardian of the Estate in New Mexico Short answer: In New Mexico, being appointed guardian of the person does not automatically make you the guardian of the estate. The court must separately appoint someone to manage the ward’s financial affairs (often called a conservator or guardian […]
Read article →Federal Estate Tax and Estate Income Filing Rules — New Mexico Guidance
Federal Estate Income and Estate Tax Filing — New Mexico Guidance Short answer: You must file a federal estate income tax return (Form 1041) only if the estate had gross income of $600 or more in a tax year or if the estate has a beneficiary who is a nonresident alien. A separate federal estate […]
Read article →New Mexico — How to Transfer Brokerage Account Assets into an Estate Checking Account
How to move brokerage assets into an estate checking account (New Mexico) This FAQ explains, in plain language, how brokerage account assets typically get moved into an estate checking account in New Mexico. It covers common situations (accounts with beneficiaries, joint accounts, and accounts owned only by the decedent), the documents most brokerages require, the […]
Read article →Selling a Co-Owned Property in New Mexico to Cover Funeral and Property Taxes
Detailed Answer — How to sell a co-owned property in New Mexico to cover funeral and property tax expenses Below is a clear, step-by-step explanation of how the sale of co-owned real estate typically works in New Mexico when you need proceeds to pay funeral bills and property taxes. This explains common situations, the practical […]
Read article →