Subject: Request for Estate Closure — Request to Execute Dear [Executor's Name], I hope this letter finds you well. I am writing to request the closure of the estate of [deceased person's full name], as I believe all matters related to the estate have been successfully resolved and the need for further administration is no longer required. New Mexico Sample Letter for Closing of Estate — Request to Execute can refer to several types of closure requests, including: 1. Testate Estate Closure: This letter is applicable when the decedent has left a valid will outlining their wishes for the distribution of assets. The executor requests the Court's approval to complete the estate administration process. 2. Intestate Estate Closure: In the absence of a will or valid testamentary document, the estate closure process involves distributing the assets according to the intestacy laws of New Mexico. The executor requests the Court's acknowledgment of completed estate administration. 3. Small Estate Closure: In the case of smaller estates that qualify for simplified proceedings, this letter acknowledges the completion of all necessary procedures. The executor seeks the Court's approval to finalize the estate closure and distribute the assets. The following details are crucial to be included in the closure request: 1. Estate Information: — Full name of the decedent: [deceased person's full name] — Date of death: [date of death— - Estate docket number (if applicable): [docket number] — Description of assets and their approximate value: [e.g., real estate, vehicles, bank accounts] 2. Claim and Debt Resolution: — A comprehensive list of all outstanding claims and debts against the estate, including funeral expenses, outstanding bills, and outstanding taxes. (If all debts have been satisfied, you can state this explicitly.) 3. Inventory and Distribution of Assets: — Detailed listing of all assets belonging to the estate, including property, financial holdings, and personal belongings. — Overview of how the assets have been valued and distributed among the beneficiaries in accordance with the provisions outlined in the will or intestate succession laws. 4. Documents Attached: — Please find enclosed all the necessary documents and forms required for the estate closure process, including the original will (if applicable), testamentary letters, final account statements, receipts, and any other relevant documentation. 5. Executor's Affirmation: — The executor should affirm, under oath, that they have complied with their fiduciary duties and fulfilled all necessary legal obligations while administrating the estate. I kindly request your prompt attention to this matter and your assistance in completing the estate closure process. Upon receipt of your approval, I will proceed with the necessary steps to finalize the estate's distribution and prepare the final accounting. Thank you for your attention. Should you require any additional information or documentation, please do not hesitate to contact me at [executor's contact information]. Yours sincerely, [Your Name] [Executor's Relationship to the Decedent] [Your Contact Information]
New Mexico Sample Letter for Closing of Estate - Request to Execute
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FAQ
Normally, a probate must be filed within three years following the decedent's death. Under New Mexico law no appointment of a personal representative may be made during the first 120 hours (five days) following the death.
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.
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.
In New Mexico, executor fees are not explicitly defined by statute. Instead, "reasonable" compensation is allowed, which varies based on several factors such as the complexity of the estate and the amount of work required by the executor.
In an informal probate, beneficiaries are notified after a personal representative has been named. Informal probate is best used when heirs get along and you have no reason to think there will be any future conflicts.
Informal probate allows the estate to be probated through an administrative process without any court involvement and no court hearings. The estate is opened by an application and can be opened the day that the application is filed, or within a few days.
Formal probate is best when there are disagreements concerning the will or appointing a personal representative. This may be chosen when the estate is complex. Informal probate is less time-consuming and done at a lower cost. This is a good option if the assets are straightforward and there are no disagreements.
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.
