National Estate Planning Awareness Week has just passed, but the reason behind it has not gone anywhere: most people know they should have a plan and have not gotten around to it. If the week came and went without you getting started, you have not missed anything. Nothing about estate planning has to happen all at once, and small steps count. The five below can each be done in an afternoon, starting today.
1. Write down what you own and owe
Start with a plain list. Include your home, vehicles, bank and retirement accounts, life insurance, any business interests, and your debts. Add the names of the banks and companies that hold them, and where the paperwork lives.
You do not need exact balances. The goal is to give the person who will one day handle your affairs a map. Families often spend months just finding accounts, and a one-page list can save them that.
2. Check who is named on your accounts
Retirement accounts, life insurance policies, and many bank accounts let you name a beneficiary, and that designation usually controls who receives the money no matter what your will says. Log in or call and look at who is listed.
Common problems include an ex-spouse who was never removed, a child who has passed away, or no beneficiary at all. If you have gone through a marriage, divorce, birth, or death since you last looked, this is worth checking today.
3. Decide who speaks for you if you cannot
Two documents matter here. A financial power of attorney names someone to handle money and property if you are unable to. An advance healthcare directive names someone to make medical decisions and records your wishes about treatment.
You do not have to sign anything this week to make progress. Just decide who you would trust with each role, and name a backup. Then have a short, honest conversation with them. Many people are surprised to learn that a loved one never wanted the job, or assumed someone else would do it.
4. Gather your documents and tell someone where they are
If you already have a will, trust, power of attorney, or directive, find the signed originals. Put them somewhere safe, and make sure at least one trusted person knows where they are.
Then look at the dates. A plan written before a marriage, a divorce, a new child or grandchild, a move, a business, or a major change in your finances may no longer do what you intended. If you do not have any documents yet, this step is simply a reminder that "my family knows what I want" is not the same as having it in writing.
5. Talk to an attorney about what you find
Steps one through four give you something concrete to bring to a consultation. An estate planning attorney can tell you whether a simple will is enough or whether a trust makes sense, how New Mexico's community property rules affect your situation, and how to avoid problems you may not know to look for.
Some families benefit from a trust to help avoid probate. Others, especially those with modest assets and a straightforward family, may be well served by a will and the right powers of attorney. The answer depends on your family, your property, and your goals, which is why a conversation is worth having.
Why this week matters
Estate planning is easy to postpone because it asks us to think about things we would rather not. But the families who struggle most are rarely the ones who planned imperfectly. They are the ones who never planned at all, and who were left to guess, argue, or wait on a court to decide for them.
A plan is not only about property. It is a way to tell the people you love what you want, who you trust, and how you want them cared for. Doing even one of the steps above makes that conversation easier for everyone involved.
Ready to take the next step?
Genus Law Group helps New Mexico families put estate plans in place, from wills and trusts to powers of attorney and advance directives. Whether you are starting from scratch or updating an old plan, we would be glad to talk it through.
- Albuquerque: (505) 317-4455
- Las Cruces: (575) 215-3500
