Executors & Trustees in New Mexico
In New Mexico, the executor of an estate is referred to as the personal representatives. Personal representatives act as administrators of a deceased person's will, while trustees are in charge of trusts. If you were named the executor of a will, or the trustee of a trust, probate attorney Benjamin Hancock can help with sound legal advice and services designed to successfully resolve the estate . When someone passes away, the trustee or personal representative is responsible for the estate, and for ultimately distributing remaining estate assets to heirs or beneficiaries.
Personal representatives and trustees in New Mexico have three main duties:
- Marshal all estate assets. This means physically taking possession of - and exercising control over - all of the assets owned by the deceased at the time of death.
- Pay all estate debts. Trustees and personal representatives are required to provide notice to all known creditors. Also, it is advisable to advertise for possible unknown creditors, so as to ensure that all debts are paid, and to protect against creditor claims after the estate has been administered and closed.
- Distribute the remaining estate. After all debts and expenses of estate administration have been paid, the remaining property is distributed to the heirs.
Estate administration is complex and time-consuming. It involves a fair amount of legal, administrative, and accounting skills, and administering an estate may take months and even years to complete. That's where a New Mexico probate lawyer can step in to help. If this estate is located in another state, out of state executors might need ancillary probate legal assistance.
How an Albuquerque Probate Lawyer Helps
As a probate attorney in New Mexico for 25 years, Benjamin Hancock uses his experience to help you understand your duties as a trustee or personal representative. You'll avoid potentially costly mistakes and misunderstandings as attorney Benjamin Hancock works to ensure that the estate is managed and administered correctly. When you choose the Law Office of Benjamin Hancock, P.C. in connection with a probate estate, you can rest assured that your legal and financial interests will be protected.
Contact the Firm to Schedule an Initial Consultation
Acting as a trustee or personal representative takes meticulous attention to detail, and requires the assistance of probate attorney with a comprehensive knowledge of probate law . If you are seeking an attorney to help you with estate planning in Albuquerque, NM, contact the Law Office of Benjamin Hancock, P.C. to schedule a consultation.
Call 505-508-4343 to schedule a consultation and discuss your case.