4B-002 Probate definitions.

• Legal Form Number: 4B-002
• Date: 01 January 2010
• Section: New Mexico Probate Court Forms (2010 Edition)

A. General. The following is a list of simplified definitions of certain legal terms that you may need to understand in your probate action. Under certain circumstances you may need more than the simplified definitions listed below. In those cases, you may need to consult an attorney or review the New Mexico law to more fully understand the terms listed below. Section 45-1-201 NMSA 1978 also includes definitions of terms used in the Uniform Probate Code "NMSA 1978" refers to the New Mexico Statutes Annotated 1978, which is the official compilation of New Mexico statutory law. The first number listed is the chapter, the second number listed is the article and the third number is the specific section of law enacted by the legislature. The Uniform Probate Code is published in the NMSA 1978 as Chapter 45 NMSA 1978. A law librarian can guide you to sources for reviewing or obtaining a copy of the Uniform Probate Code as well as a copy of these forms

B. Definitions. As used in these instructions and forms:

(1) "administration of an estate" means to go through the process of managing and settling the estate of a deceased person. This usually involves four steps:

(a) collecting the assets of an estate;

(b) paying the valid debts of an estate and expenses of administration;

(c) paying any taxes owed; and

(d) distributing the remainder of the estate to those who are entitled to it;

(2) "applicant" means a person who makes a written request to the probate court for an informal probate or appointment. If you need more information on an "applicant", see Section 45-1-201

(2) NMSA 1978;

(3) "application" means a written request to the probate court for an informal probate or appointment. If you need more information on an Application, see Section 45-1-201

(2) NMSA 1978;

(4) "beneficiary" is a person who is given a gift by a will. The probate code uses a different word, "devisee", to mean the same thing. The forms use the word "devisee" rather than "beneficiary" because the probate code uses "devisee";

(5) "bond" means a financial security provided to the court by the personal representative and a bonding company to ensure that the personal representative of the estate faithfully does the job of personal representative. A bond is usually not required in an informal probate proceeding. However, a bond may be required if the will requires it, or if a person with an interest in the estate asks the court to require it and the court orders that a bond be posted. If...