New Mexico Estate Attorney
A New Mexico lawyer can help you plan how your assets will be disposed of after death, and who will receive custody of minor children. Whether you need a will, a living trust, or would like to avoid probate, an attorney can guide you through the process. A New Mexico probate attorney should be hired when any issues arise regarding a trust or will. We understand that emotional issues are often involved in estate planning and therefore we strive to be a partner in meeting your needs. If your loved one has already passed away and requires estate administration, you should contact our Albuquerque probate attorney.
Will & Last Testiment
Whether you are 30 years old or 75 years old a Will should be used to allow the individual to decide how his or her wealth is transferred. A New Mexico estate planning lawyer can help you draft your Will. Without a Will the alternative is your state’s default estate plan where the state decides who gets your property. A Will is always recommended for anyone with minor children, because a parent can decide who the child’s caretaker or guardian should be. If a Will has to go to probate (the legal process where the estate creditors are paid, and the remainder is divided according to the will) then it becomes a public document; so if the person dividing property wants privacy, then a living trust is recommended.
Living Trust – A New Mexico living trust attorney can help you create the best revocable living trust to meet your needs. A trust is basically an agreement where a trustee holds property for the benefit of someone else or yourself. By using a trust correctly you may be able to minimize taxes leaving a larger inheritance. A New Mexico living trust lawyer can help you create a trust that allows you to decide exactly how you want your assets distributed. A living trust allows property to pass without being subject to probate; this avoids the cost associated with probate and the terms of the trust can remain private unlike a Will. If avoiding probate is not an option, our Albuquerque probate lawyer can help guide you through the probate process. Trusts may also be setup for a variety of other reasons such as the support of a disabled child or to provide for a charitable cause.
Asset Protection Trusts – These trusts give the holder of the property, the trustee, discretion on how and when trust funds are going to be distributed; this feature protects the trust principal from liability to creditors.
Living Wills & Advanced Healthcare Directives – These documents allow you to make the choice regarding medical decisions for known situations. These documents are for planning in the event that you become incapacitated. A New Mexico attorney could help you prepare these documents and designate who will make decisions if something unfortunate should happen. Living wills and advanced directives are a core part estate planning and are always recommended.
Power of Attorney
Our New Mexico estate planning attorneys can help you prepare a power of attorney form. A power of attorney is a special form that allows a person to act on behalf on another. The power of attorney can be drafted in such a way that it will still be effective in the event of incapacity (normally the power of attorney would cease at death).
We’ve started a new website, and have begun posting updated articles about estate planning over there; we’ll continue to keep this site active, but will make updates over there from now on. Feel free to take a look at our New Mexico Estate Planning page where we will be continually posting new articles to better serve our clients by providing easy access to articles that answer many common estate planning questions. Although our website may have changed, our number hasn’t, as always feel free to give us a call for a free phone consultation.