Hurley Wills & Probate Lawyer, New Mexico, page 7

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Includes: Estate Administration, Living Wills, Wills

David H. Gorman

General Practice
Status:  In Good Standing           

Cynthia Harkwell Clark

General Practice
Status:  In Good Standing           Licensed:  37 Years

Martin E. Miller

General Practice
Status:  Inactive           

William John Perkins

General Practice
Status:  In Good Standing           

Daniel Brewer Dietzel

General Practice
Status:  In Good Standing           

Michael R. Renteria

General Practice
Status:  In Good Standing           

Cynthia Harkwell Clark

Criminal, International Other, Immigration
Status:  In Good Standing           

Kathleen P. Watson

General Practice
Status:  In Good Standing           

James M Gailis

General Practice
Status:  Inactive           Licensed:  46 Years

Cynthia Harkwell Clark

International Other, Immigration, Criminal, Family Law
Status:  In Good Standing           

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LEGAL TERMS

BYPASS TRUST

A trust designed to lessen a family's overall estate tax liability. An AB trust is the most popular kind of bypass trust.

GRANT DEED

A deed containing an implied promise that the person transfering the property actually owns the title and that it is not encumbered in any way, except as descri... (more...)
A deed containing an implied promise that the person transfering the property actually owns the title and that it is not encumbered in any way, except as described in the deed. This is the most commonly used type of deed. Compare quitclaim deed.

DEED OF TRUST

See trust deed.

PROBATE

The court process following a person's death that includes proving the authenticity of the deceased person's will appointing someone to handle the deceased pers... (more...)
The court process following a person's death that includes proving the authenticity of the deceased person's will appointing someone to handle the deceased person's affairs identifying and inventorying the deceased person's property paying debts and taxes identifying heirs, and distributing the deceased person's property according to the will or, if there is no will, according to state law. Formal court-supervised probate is a costly, time-consuming process -- a windfall for lawyers -- which is best avoided if possible.

ESTATE TAXES

Taxes imposed by the state or federal government on property as it passes from the dead to the living. All property you own, whatever the form of ownership, and... (more...)
Taxes imposed by the state or federal government on property as it passes from the dead to the living. All property you own, whatever the form of ownership, and whether or not it goes through probate after your death, is subject to federal estate tax. Currently, however, federal estate tax is due only if your property is worth at least $2 million when you die. The estate tax is scheduled to be repealed for one year, in 2010, but Congress will probably make the repeal (or a very high exempt amount) permanent. Any property left to a surviving spouse (if he or she is a U.S. citizen) or a tax-exempt charity is exempt from federal estate taxes. Many states now also impose their own estate taxes or inheritance taxes.

BANKRUPTCY ESTATE

All of the property you own when you file for bankruptcy, except for most pensions and educational trusts. The trustee technically takes control of your bankrup... (more...)
All of the property you own when you file for bankruptcy, except for most pensions and educational trusts. The trustee technically takes control of your bankruptcy estate for the duration of your case.

SUCCESSOR TRUSTEE

The person or institution who takes over the management of trust property when the original trustee has died or become incapacitated.

GRANTOR

Someone who creates a trust. Also called a trustor or settlor.

ADMINISTRATION (OF AN ESTATE)

The court-supervised distribution of the probate estate of a deceased person. If there is a will that names an executor, that person manages the distribution. I... (more...)
The court-supervised distribution of the probate estate of a deceased person. If there is a will that names an executor, that person manages the distribution. If not, the court appoints someone, who is generally known as the administrator. In some states, the person is called the 'personal representative' in either instance.

SAMPLE LEGAL CASES

Karpien v. Karpien

... 4-20 (1993) is controlling, that marital property and debt covered by Section 40-4-20 is divided and distributed according to New Mexico domestic relations law, that debt incurred after the death of the decedent spouse is separate debt to be dealt with through probate, and that ...

Oldham v. Oldham

... {1} This case requires us to interpret and harmonize potentially conflicting provisions within our domestic relations, probate, and trust ... {6} After Husband's death, Son filed an application in the probate court for informal appointment as personal representative of Husband's estate. ...

Oldham v. Oldham

... Accordingly, we reverse and remand for the appointment of someone other than Wife as a substitute personal representative or administrator to complete the pending divorce proceedings pursuant to Section 40-4-20(B) before continuing the probate proceedings. ...