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).