Estate Planning, Wills, and Trusts

As soon as you have children. Who is going to raise them if something happens to you? In your Will you decide who raises your children, not some judge.  

Having children is one thing; you need to name a testamentary guardian over your children. A divorce is another thing; you need to change beneficiaries on all your insurance and retirement accounts. Just as important, you need to give a Medical Power of Attorney to someone in case you are in car wreck, get sick, have a stroke, etc.

It is a variety of things.  It means giving medical or financial powers of attorney to someone.  It can mean making a Will or amending a Will.  For real estate we use a transfer on death deed to avoid probate.  We also talk about other ways to keep your estate out of probate.  

You can make a new Will or, for small changes, we make an amendment called a Codicil. You do not, repeat, not, need your husband’s permission unless you made a joint will and those are very rare.

Estate planning is not so much about the money as making sure you have a medical power of attorney, financial power of attorney, and setting up your bank accounts, life insurance, and retirement accounts to pass without needing a probate.

A Probate is the legal process of transferring a deceased person’s legal interests and the things that person owned to another person or persons.

The difference between intestate and testate is whether someone died with a Last Will and Testament or not. If someone is “intestate,” that just means that they did not have a Last Will and Testament when they passed away. If someone is “testate,” that means they did have a Last Will and Testament when they passed away.

The three most important pieces of advice that our office would give to everyone are:

1. Don’t rush to do anything. Don’t close any bank accounts with the deceased’s name on them for at least one year.

2. When the funeral home asks how many copies you need of the Death Certificate, get 10 or 12 copies. When everything is said and done, it is not a big deal if you have extras. However, if you do not order enough, it can be difficult to order more, and it is a very time-consuming process.

3. Consult an attorney. Especially before paying any bills. Talk to an attorney so you can learn whether or not you need a Probate, how to protect your rights and interests, or how to handle debts and assets; it is very important to discuss these questions early on. 

No, you do not.

There are a lot of small things that can impact a Probate. Before you file anything, pay anything, or give anything away, the first thing you should do is consult an attorney. An attorney can review the situation and give important information on how you should proceed. 

An attorney can determine if a Probate is needed. Explain which court you should file the paperwork in. What paperwork do you need to fill out? What bills to pay? How to document everything that you need to document. Our office can answer all of these questions and more. 

We understand that losing someone is not only emotional but extremely stressful. We can help you traverse this difficult path with patience and confidence. Call our office today to set up your consultation.

If your loved one has passed away, and you don’t think you can afford probate, New Mexico has provided a way to handle small estates without having the hassle of going to probate court. Did you know that there is a simple procedure to claim bank accounts, change car titles and even access a safe deposit box without probate?

If you are a young parent, who is going to raise your child if you pass away? A good-for-nothing cousin who just wants the child’s social security check? The only way to make sure the person you want to raise your child actually gets to raise them is to have a Will appointing them.

The State is going to decide, that’s who.  

We can help you with a Will that will take care of your child after you are gone.  

If you are in a second marriage, do you want to provide for your children from your first marriage with some of your estate? Without a Will, all of your half of the community property from the second marriage will go to your surviving spouse; none of your half of the community property will go to your children from the first marriage. A Will can provide for those children.

Unfortunately, our office has seen the devastation that can be left behind when someone passes without a will. Nothing is more heartbreaking than watching a family be torn apart over simple misunderstandings. 

A Will not only makes sure your wishes are followed but also helps keep the peace. When everyone in the family knows what you want, they are less likely to fight. Your Will also reduces the costs involved in a Probate.

It is dangerous to use a one-size-fits-all form. You may not know how to properly fill it out. For example, leaving your estate “to my three children or their survivors” is not the same as “to my three children, or if deceased, their children.”

Contact our office to discuss your Will and all of your estate planning needs.