Top Albuquerque, NM Probate Lawyers Near You

What Is Probate?

Probate is the legal process of handling a person’s estate after they pass away. During probate, the state identifies the deceased person’s property, assets, and debts, and decides how to distribute these to beneficiaries. A personal representative handles the deceased person’s estate as the executor or administrator. Property and liabilities that can go through probate include:

• Real estate
• Personal property
• Personal debt
• Titled assets
• Bank accounts
• Investment accounts
• Business assets

How Can You Avoid Probate?

If you want your beneficiaries to avoid the hassle of probate, you have several options. You can make sure to name beneficiaries of bank accounts, retirement accounts, and life insurance policies. You could also move your assets to a living trust, which will allow you to access them while you are still alive but will automatically pass to your beneficiaries upon your death.

How Long Does Probate Take?

In a simple case where there are no disputes, and the deceased had a strong plan in place, the probate process of distributing assets and paying off debts may only take a few months to complete. If someone challenges the will or any other part of the estate distribution, it can take much longer.

What Are Some Examples of Situations Where I Might Need a Probate Lawyer?

If a family member or loved one dies, most of their assets will pass through the probate process. You can avoid probate in some states if you have a small estate. With estate planning, you can also avoid probate with a trust. If there are any disputes about who inherits or receives property after death, you should consider a probate lawyer, who can help with:

• Inheritance disputes between family members
• A large estate without estate planning documents
• Resolving multiple wills or a missing will and testament
• Estate tax or inheritance tax reduction planning

How Can a Probate Lawyer Help Me?

After a loved one dies, family members can be at a loss with handling their estate. A probate lawyer can help handle the situation on your behalf. A local probate lawyer is familiar with the probate process in New Mexico and can help you understand your options. When you hire a probate lawyer, they can:

• Identify any estate planning documents and beneficiaries
• Help with assets that pass outside of probate
• Transfer real estate and other property to beneficiaries
• Pay off debts and liabilities
• Resolve New Mexico and federal tax issues

What Could Happen if I Don’t Hire a Probate Lawyer?

If you don’t hire a probate lawyer, you will have to handle the probate process on your own. There are legal requirements for resolving someone’s estate, including filing requirements and notice deadlines. Without going through the right legal process, the estate could be open to legal claims by creditors or other family members. If you don’t hire a probate lawyer, you could face:

• Delays in distributing assets
• Federal and state estate tax penalties
• Improper title transfers
• Missing or unidentified financial assets
• Inheritance tax penalties

What Questions Should I Ask When Trying To Find a Probate Lawyer in Albuquerque?

These questions can help you decide if you feel comfortable and confident that a probate lawyer has the qualifications, experience, and ability to manage your case. Many probate lawyers offer an initial consultation that allows you to understand your options and get specific legal advice before hiring them. The top questions to ask include:

• What is your experience in handling probate cases in New Mexico?
• How long will the probate process take?
• What property can you transfer without going through probate?
• How will you keep me informed about updates in my case?
• What happens if someone challenges the inheritance?
• How much do you charge for probate cases?

Tips for Hiring a Probate Lawyer

Take the time to find a probate attorney who is right for you and will represent your best interests. Find someone who understands your case, knows your needs and goals, and has the experience to get the best outcome. Things to do:

• Ask for recommendations
• Research lawyers online
• Schedule consultations
• Review experience and expertise
• Talk about fees and billing
• Trust your instincts