New Mexico Estate Distribution

Estate distribution is the process of dividing up an estate so it can be distributed to heirs. The executor is responsible for overseeing this process, which entails a lot of responsibility. Because estate distribution can be complex, it’s best to secure competent legal counsel before moving forward.

Walk-In Wills offers clear and concise legal guidance to clients in New Mexico. Our attorneys will explain the distribution process step-by-step so you can remain proactive in how the estate is handled. They also counsel you on other estate planning matters, including powers of attorney, living wells, and trusts.

How Each Type of Asset Is Handled

Different types of assets are distributed in different manners. Here is a breakdown of how common assets are distributed:

• Property – Property that is held in joint tenancy will pass directly to the co-owner upon a person’s death. If it’s intended to be left to heirs, the executor will need to make sure the estate is solvent before the transfer is completed. If not, the house may be sold to provide funding for outstanding debt. If there are instructions for the property to be sold and the proceeds be distributed to heirs, the executor is responsible for selling the home.
• Tangible Assets – Tangible assets include furniture and other items that are linked to a deed or title. In this case, the value of the assets will be determined before they can be handed out. If debt remains, certain tangible assets can be sold to recoup money owed at the discretion of the executor.
• Liquid Assets – Liquid assets include things like cash, stocks, and bonds. Liquid assets are placed into an estate bank account before being used to pay off any remaining debt. Once debt is settled, the remainder of liquid assets will be dispersed according to the wishes of the creator of the will.

What Happens When the Will Is Contested

Some heirs may find fault with estate distribution. In this case, the will itself can be challenged, which means that a person with standing is claim that the will is invalid in some way. Wills can be contested for all kinds of reasons, including the creator not being of sound mind or even being coerced into signing a will they didn’t agree to. It can also be claimed that the will doesn’t include genuine signatures or is missing some crucial clause.

While a will is being contested, assets will remain in limbo until the matter is decided. A court may consider a will to be invalid, which means it would be thrown out and the court would ultimately determine how assets should divided up.

We’ll Provide Support During Estate Administration

If you’re an estate distributor and have run into an issue during your duties, Walk-In Wills are here to help. We take pride in offers clients a stress-free, convenient process from start to finish.

Visit us online for more information on estate planning services. You can also call (505) 903-7000 to arrange your one-hour consultation, which is absolutely free.

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