[Your Name] [Your Address] [City, State, ZIP Code] [Email Address] [Phone Number] [Date] [Recipient's Name] [Recipient's Address] [City, State, ZIP Code] Subject: Revised Petition to Close Estate and Request for Other Relief Dear [Recipient's Name], I hope this letter finds you in good health and high spirits. This communication serves as a revised petition to close the estate of [Decedent's Full Name], in compliance with the laws and guidelines set forth by the State of New Mexico. First and foremost, I would like to express my gratitude for your assistance in overseeing the proper administration of the estate. As the personal representative of the deceased's estate and pursuant to New Mexico Statutes Annotated, Section [relevant section number], I am hereby submitting this revised petition to facilitate the final distribution of assets and resolution of all outstanding matters. Having diligently fulfilled all my fiduciary duties, diligently gathering and accounting for all assets and liabilities, I have taken every necessary step to ensure the estate is well-managed. Notably, I have provided an accurate inventory of the estate's assets, including real estate, personal property, funds, and investments, enclosed within this revised petition. Furthermore, I have meticulously addressed all creditors' claims lodged against the estate and obtained necessary waivers, release forms, and receipts wherever applicable. Additionally, as mandated by law, I have duly filed all required estate tax returns and paid any outstanding obligations to the New Mexico Taxation and Revenue Department. The purpose of this revised petition is to request the court to approve the final distribution of assets among the beneficiaries mentioned in the decedent's last will and testament or as dictated by New Mexico intestate succession laws. I have enclosed the proposed revised distribution plan, outlining each beneficiary's entitlement, as well as any pertinent documents and evidence supporting our requests. In addition to our petition for closing the estate, I hereby request the following relief: 1. Approval of the revised distribution plan: Affirmation from the court regarding the equitable distribution of assets as outlined in the enclosed revised distribution plan. 2. Termination of Letters of Administration: A formal order instructing the termination of my Letters of Administration upon the successful closure of the estate. 3. Release of My Bond: A court order releasing the bond posted during the initial appointment as the personal representative, acknowledging the satisfactory execution of my duties. Please find enclosed copies of all relevant documents, including the revised petition, revised distribution plan, inventory, and any supporting records requested by the court. I trust that these documents provide a comprehensive overview of the estate's status and the progress made. I kindly request a hearing date and time for the court to consider this revised petition and request for relief, allowing sufficient time for all interested parties and beneficiaries to review the documents provided herein. Furthermore, I am prepared to provide further clarification or respond to any inquiries during the hearing. Thank you for your attention to this matter. I am hopeful that the court will approve our revised petition promptly, facilitating the closure of the estate. Should you require any additional information or documentation, please do not hesitate to contact me at [Your Phone Number] or via email at [Your Email Address]. Yours sincerely, [Your Name]
New Mexico Sample Letter regarding Revised Petition to Close Estate and For Other Relief
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How to fill out Sample Letter Regarding Revised Petition To Close Estate And For Other Relief?
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FAQ
When is it required for my Will to be probated through Court? In New Mexico, if the total value of the estate exceeds $50,000 the will must go through the Court to be probate. An estate worth less than $50,000 is considered a small estate.
If the property is in New Mexico and the owner dies without leaving a will, one-fourth of the property passes to the surviving spouse and three-fourths to the children.
Yes. The TODD is for any real estate located in New Mexico. Any existing leases would continue in effect after the owner's death. Before you exe- cute a TODD for business or investment proper- ty, you should consult with an attorney as there may be tax consequences you need to consider.
Under the right of survivorship, each tenant possesses an undivided interest in the whole estate. When one tenant dies, the tenant's interest disappears and the others tenants' shares increase proportionally and obtain the rights to the entire estate.
When the first spouse dies, half of the total community property passes to the surviving spouse. The tax basis of all the community property is stepped up to its fair market value at the time of the first spouse's death, which can be a significant tax advantage. Joint Tenancy with the Right of Survivorship.
Probate can be filed any time between 5 days and 3 years after the decedent's death. Note: A probate case may be filed after the 3 year period for the limited purpose of transferring title to real property from the decedent's name to the decedent's heirs.
Formal proceedings are those conducted before the District Court with notice to interested parties. Informal proceedings are those conducted without prior notice to interested persons by an officer of the court acting as registrar for probate of will or appointment of personal representative.
The Estate Settlement Timeline: While New Mexico law does not specify a strict deadline for this step, it is generally recommended to do so within a month to ensure a timely start to the probate process.
