new mexico probate
Executors & Trustees
Generally, an Executor or a Trustee is the person responsible for overseeing and managing a decedent’s estate. In New Mexico, the Executor of a probate estate is referred to as the Personal Representative. Personal Representatives act as administrators of a probate estate after a person dies, either with a valid written Will (testate) or without a Will (intestate).
Personal Representatives & Trustees in New Mexico
Trustees manage and administer the estate of a deceased person when that person had created a valid Trust while living. When someone passes away, the Trustee or Personal Representative is charged with performing all the duties associated with the estate.
Three Main Duties of Personal Representatives & Trustees in New Mexico:
Marshal All Estate Assets
Physically taking possession of – and exercising control over – all the assets owned by the deceased at the time of death.
Pay All Estate Debts
Personal Representatives and Trustees are required to provide notice to all known creditors and, at times, to also advertise for possible unknown creditors. This will ensure that all debts are paid and protect the estate from 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 persons entitled to inherit.
Properly Prepare
Hire an Experienced Probate Lawyer
Estate administration is complex and time-consuming. It involves a fair amount of legal, administrative, and accounting skills, and may take months and even years to complete. The assistance of a New Mexico probate lawyer is often crucial to successfully resolve the estate.