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Assets and personal property are jointly owned passing to…

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Assets and personal property...

Assets and personal property are jointly owned passing to the spouse, me. How do I handle credit card claims on the deceased's estate. I am in no way a participant in these credit claims.

Lawyer's Assistant: Since estate law varies from place to place, can you tell me what state this is in?

New Mexico

Lawyer's Assistant: What documents or supporting evidence do you have?

A bonifide Will and the banks assurance that I was never listed as a participant in any way on these credit cards.

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

Not that I know of

Submitted: 10 months ago.Category: Estate Law
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Answered in 1 minute by:
9/19/2017
Estate Lawyer: RayAnswers, Attorney replied 10 months ago
RayAnswers
RayAnswers, Attorney
Category: Estate Law
Satisfied Customers: 48,803
Experience: Texas lawyer for 30 years in Estate law
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Hi and welcome to JA. Ray here to help you today.Please bear with me a few moments while I review your question and respond.

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Estate Lawyer: RayAnswers, Attorney replied 10 months ago

If the assets are in his estate the creditors can file claims against the estate only.If these assets passed to out ahead of death or outside probate they are yours and you have no liability.They can only file creditor claims as part of probate and be paid in probate.

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Estate Lawyer: RayAnswers, Attorney replied 10 months ago

CLAIMS AGAINST THE ESTATE

Time Limit for Claims

  • If the Personal Representative does not give notice directly or by publication, a creditor's claim against an estate must be presented within one (1) year after a person's death, or be deemed forever barred.
  • This time is further limited once the creditor is given actual or published Notice of the Appointment of Personal Representative.
  • Creditors have until the later of four (4) months the first publication of the Notice of Appointment or 60 days after mailed notice to submit a claim against the estate.

Presentation of Claims

  • Claims against an estate should be presented as follows:
  • Claimant is required to deliver or mail to the personal representative a written statement of the claim indicating its basis, the name and address of the claimant and the amount claimant and/or
  • File a written statement of claim with the appropriate court.
  • Without filing a claim, a claimant may commence a proceeding against the personal representative in the appropriate court within the time limit set out in the law.
  • A Probate Court cannot accept a claim against an estate that has not been filed with that Probate Court.

Payment of Claims

  • Upon receiving a claim against the estate, the personal representative must determine the validity of the claim and either allow or disallow the claim.
  • If the personal representative does not notify the creditor in writing of this determination within sixty (60) days after the time for the original presentation of the claim has expired, the claim is deemed a valid claim and is allowed.
  • If a claim is disallowed, the creditor must file a petition for allowance in the District Court no later than sixty (60) days after the mailing of the notice of disallowance.
  • Probate Courts cannot (1) determine the validity of a claim against an estate; or, (2) direct the payment of any claims against an estate; or, (3) hold funds in escrow to pay creditors’ claims.

Priority of Claims
If an estate’s assets are insufficient to pay all claims against the estate, the law determines the priority for payment of creditors' claims. Claims must be paid in the following order:

First: Costs and expenses of administration of the estate; then,
Second: Reasonable funeral expenses of the decedent; then,
Third: Debts and taxes with preference under federal law; then,
Fourth: Reasonable medical and hospital expenses of the last illness of the decedent; then,
Fifth: Debts and taxes with preference under other laws of New Mexico; and then,
Sixth: All other claims.

  • No preference in payment can be given to any claim over another claim in the same class.
  • Claims that are due and payable are not entitled to preference over claims not yet due.
  • If payment of higher priority claims exhausts all probate estate assets, creditors with lower priority for payment receive nothing. However, a creditor may seek recovery from assets that pass outside of probate, such as payable on death accounts or joint tenancy property, but only through a District Court proceeding.

FAMILY AND PERSONAL PROPERTY ALLOWANCES
New Mexico has two laws that exempt property of an estate from creditors' claims.

Family Allowance--A decedent's surviving spouse (or if no surviving spouse, the minor or dependent child or children of decedent) is entitled to a family allowance of $30,000.00 which is exempt from and has priority over all claims against the estate.

Personal Property Allowance--In addition to the family allowance, the decedent's spouse, or if no surviving spouse, children, are entitled to an allowance of $15,000.00 in personal property.

Law that applies to probate assets and creditors.
Only his estate here is liable after the family allowance has been set aside.

Thanks and thanks for rating 5 stars let me know if you have more.

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