Estate Planning

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What might happen to my loved ones after I am gone — or if I become disabled? That is a question people don’t like to ask themselves, but one they should. Without an effective estate plan the State of New Mexico will likely determine who receives your property upon your death, and who cares for your loved one after your gone. An effective estate plan is a necessity for having a peace of mind that your loved ones and your property will be taken care of following your death.

A basic estate plan includes:

• A Last Will And Testament– A will is a necessity in any estate plan. Drafting a will involves careful, meticulous work. It also involves you being asked questions about your family, your estate, and your goals by experience and careful attorneys. Most people think all their property passes to whoever they name in their will. That is not the case. Typically there are various assets people own that pass outside your will. That is why you need attorneys who give careful consideration those assets and ask you questions that will help you achieve your estate planning goals. Consideration must be given to what assets you have that will not pass to individuals named in your will; who do you trust to look after and care for your children when you die; who is the best person to serve as your personal representative/executor; and how do you want your property distribution to those people and charities you love.

• Powers Of Attorney – Powers of attorney are documents that allow an attorney-in-fact (agent) to
  manage your affairs in the event you are ever physically or mentally unable to do so. An attorney is needed to create powers of attorney that best suit a client’s needs and is not a mere check the box form. A complete estate plan not only addresses what happens to your property and children following your death, it also makes careful legal arrangements for your property and those you love in the event you suffer from an incapacity.

• Ways To Avoid Probate – Any estate plan should give consideration to ways to avoid probate. Probate is not a long or difficult process, but it is one individuals often want to try and avoid. A knowledgeable attorney will consult with you about the probate process, ways to set up an estate plan to avoid probate through a trust or other non-probate transfer. They will also discuss with you about why you may not want to avoid probate, and ways to make the probate process easy on your loved ones following your death.