When it comes to estate planning in the state of New Mexico, there are multiple steps to take to ensure your legacy in the event of your death or incapacitation. When speaking about estate planning, the most important thing to remember is that you always should have a will or trust set up as part of your estate. Once a will or trust is established, it is truly the groundwork for the rest of your estate plan.
Steps to Establishing an Estate Plan
To establish an estate plan in New Mexico, there are recommended steps to follow to make the transition as easy as possible on your surviving loved ones. The steps listed below are recommended to attempt to make your passing or incapacitation as easy as possible:
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Appoint a healthcare agent. A healthcare agent is someone who, in the event of your incapacitation will accept responsibility to make the best choice for you based on your beliefs and in some cases, an advanced directive form.
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Appoint a financial agent. A financial agent is someone who handles all financial assets, such as but not limited to real property, tangible personal property, stocks, bonds, commodities, banks, other financial institutions, operation of a business or entity, insurance, annuities, estates, trusts, other financial beneficial interests, claims, litigation, personal maintenance, family maintenance, benefits from governmental programs, civil or military service, retirement plans, taxes, and gifts.
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Make a list of all current assets. This is the easiest way to ensure that everything is accounted for.
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Choose who will be receiving what as an inheritance. This basically states who will receive what of your possessions and how they can be used.
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Execute a living will/trust. This establishes what your final wishes are, how inheritance will be distributed, and what you would like done with your home, business, and any other physical buildings that you may have had during your lifetime.
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Safely store documents. This is the final step you should take when preparing your estate.
Laws For Estate Planning in New Mexico
It can be an overwhelming and even scary process to think about estate planning, regardless of the age you are starting it at. There are multiple outlets to seek advice from. The following list includes the laws that are considered when estate planning:
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Advance Healthcare Directive: This covers your interests when it comes to end-of-life care.
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Uniform Power of Attorney: This allows you to name a person as your Power of Attorney and they will handle your estate for you, in the event of your death or incapacitation.
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Last will: The last will cover your final wishes, how assets are to be distributed, and any final debts/credits that need to be paid.
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Revocable Living Trust: This sets specific guidelines for beneficiaries on how you would like any assets acquired to be used, last wishes such as funeral preparations, and can cover any final taxes/debts.
How Can A New Mexico Estate Planning Attorney Help You
We know that it can be an overwhelming process for you to go through your final estate planning and there are multiple resources available to help make the transition and planning for your end-of-life need as easy and pain-free for you and your family as possible. This video covers estate planning in the New Year and provides valuable information to make the transition easier for everyone involved when it comes time to make the preparations for end-of-life and final needs to be taken care of by your appointed representative. Once you are ready to finalize your last will, trust, and estate plan you can always find support at Genus Law Group. Contact us at 505.317.4455 or chat with someone now using our online chat function so you can start solving your problem, today!
