Corrales, New Mexico has a legal process known as "probate." This is when a court decides whether or not a will is binding, and, accordingly, whether or not to effectuate its provisions.
As part of the probate procedure, the court in Corrales, New Mexico will determine the validity of the will, inventory the decedent's assets and debts, then, assuming everything is found to be in order, distribute the estate according to the will.
Most wills name a specific person as the executor of the estate, but sometimes they don't, or the named executor is dead, out of the court's jurisdiction, or otherwise unfit to serve in this capacity. In these cases, a Corrales, New Mexico probate court has to appoint one.
The executor is the person who initiates probate proceedings. The person who stands to inherit the most from the will is typically appointed the executor, because they will have the most incitement to help the process go as quickly as possible, so they can get their inheritance.
Duties of the Executor in Corrales, New Mexico
The executor has many duties concerning the will. First, they have to truly initiate the probate proceedings, which must be completed before the will is effectuated.
They additionally are required to provide notice to the people with a direct interest in the estate that the decedent has died, typically by filing a death certificate.
The executor will also have to collect and make available a list of all of the decedent's debts and assets, as well as a list of those who stand to inherit from the decedent.
As the representative of the estate, the executor has to take charge of the probate process, filing the proper court papers, and, if necessary, hiring an attorney for assistance. If the estate is large, and the executor stands to inherit a great deal of money once this process is done, they'll probably find it to be worth the time and expense.
How Can A Corrales, New Mexico Lawyer Help?
Because of the difficulties involved in probate, it would be smart to hire a knowledgeable Corrales, New Mexico probate lawyer, especially if you are the executor of an estate and unsure how to proceed.