New Mexico Probate Bond | AmeriPro Surety Bonds | 844-589-9732
New Mexico Probate
Update June 2019: Our agency now offers the New Mexico probate surety bond for any amount, up to $100,000, with no credit inquiry! Amounts required above $100,000 will still undergo the standard underwriting procedure as discussed below.
Probate in short is the “proving of a will”.
Depending on the value of an estate and any other number of variables, the probate process can be a protracted affair.
The process can also be fraught with concern that surviving heirs will genuinely receive any properties, goods, or money they believe is owed to them at the conclusion of probate, which is the final settlement of an estate.
New Mexico Probate: When it is generally not required
In New Mexico, probate is not required if the estate is less than $50,000 and does not include any real property like land.
Nor is probate required when a spouse dies and the property is being transferred from the deceased spouse to the surviving spouse.
It is also not required when a person dies leaving furniture and certain personal effects such as jewelry or appliances.
New Mexico Probate: When it is required
Probate in New Mexico takes place when a persons dies leaving a will or not a will along with property in the name of the person.
Examples provided by the state of New Mexico include stocks, bonds (not surety bonds—here we are talking about corporate, municipal, and treasury bonds, among others) , bank accounts, cars, real property, etc.
Time in Which to File Probate in New Mexico
New Mexico allows persons to file probate between 5 days and 3 years after the decedent’s death.
The New Mexico Probate Bond
A New Mexico probate bond may be required in some, but not all probate matters.
A probate bond may be required when requested by one of the heirs of the state.
A probate bond may also be required if the judge determines that the bond is needed for the estate settlement.
New Mexico Probate Bond: What it Does
A probate bond is a type of fiduciary surety bond required by the court and/ or the family/heirs of the decedent.
In cases where a New Mexico probate bond is required, the surety bond guarantees that the executor or trustee of the estate will not mismanage or wrongfully handle any funds, money, property and goods in the estate, such that the heirs are potentially harmed or deprived of what will be rightfully theirs upon the estate’s settlement.
The Three Parties to a New Mexico Probate Bond:
The following will help:
Surety bonds have three parties, or “sides”.
For the New Mexico probate bond, there is the:
Principal, who is the person required to purchase the New Mexico probate bond. The principal may be an executor or trustee of the estate.
The principal’s purchase of the probate bond guarantees, again, that upon settlement of the estate, the heirs will receive what is rightfully theirs.
The obligee is the court or the family or heirs of the decedent who require that the principal purchase the probate bond in order to protect their interests.
The surety is the company which issues the probate bond and has the financial wherewithal to pay any claims.
To be sure, unlike in an insurance policy, any claims paid by a surety (if there are any) must be fully reimbursed by the principal.
AmeriPro Surety Bonds is your agent and advocate with the surety.
Cost (or Premium) of a New Mexico Probate Bond
On balance, the New Mexico probate bond is not usually a big expense; however, individual cases will vary.
The cost of the probate bond will depend on two primary factors, although other considerations are given place.
The first is the amount of the probate bond required.
The amount of the probate bond required will be determined by the judge and will usually be in the value of the estate.
Although that amount may be a big number, applicants will only pay a small percentage in premium of the overall value.
The second is the applicant’s credit score.
Regardless of your credit scoring, AmeriPro Surety Bonds will work with you to get the best premium available.
Annual Renewal for New Mexico Probate Bond
Applicants for the New Mexico probate bond should be aware that the premium amount renews on an annual basis for as long as the estate is in probate.
AmeriPro Surety Bonds
AmeriPro Surety Bonds is a surety bond-only agency which provides surety bonds of all types throughout New Mexico.
We specialize in both probate bonds and appeal bonds. We also offer license and permit and contractor bonds.