Are you certain that your family and your loved ones will be taken care of when you are gone? Do they have the instructions they need to care for you in a situation where you are medically unconscious for an extended period? Are you confident that the information you leave for them in either situation will help them avoid unnecessary stress and heartache? Estate planning is the only way to answer “yes” with 100% certainty to all three questions. When you work with a Carlsbad estate planning lawyer, you get the information and guidance you need to put your goals into words. You can then set out to accomplish them with a smart estate strategy, one that covers nearly every situation you and your loved ones could find yourselves in.
From creating a will to planning for long-term care, New Mexico Financial & Estate Planning Attorneys has your back. We can provide you with an attorney who can listen closely to your situation and make tailored recommendations for every part of a complete estate plan.
Get started by scheduling a confidential appointment with no further obligation today when you call our Carlsbad estate planning law firm at (505) 503-1637 or contact us online.
You can receive a wide range of services at our Carlsbad estate planning law firm, including:
A complete estate plan includes, at a minimum, a will and an advance directive. A will legally assigns property to your chosen beneficiaries. An advance directive helps your loved ones understand the types of medical care you would want when you are unconscious.
You may also want to consider forming a trust if you wish for your loved ones to avoid probate, you want a trustee to help you handle your finances, or if you want to someday qualify for Medicaid long-term care benefits. Trusts can also provide other benefits, like tax-advantaged charitable giving, so speak with a Carlsbad estate planning attorney to find out if forming a trust could be in the best interests of your estate.
Hiring a lawyer to review your estate planning documents can significantly boost the chances that your plan works as intended. While many people these days turn to online tools or quick “grab it and go” will-writing services, they often find that their estate plans aren’t as effective as they had hoped.
A poorly drafted will, for example, could result in a dispute that leaves the entire estate intestate, meaning that the state of New Mexico determines who gets what, rather than the will’s creator. In other cases, someone with power of attorney may be unable to access an account because the bank requires specific consent from the original account holder.
All too often, issues like these aren’t discovered until after the will creator has died or become incapacitated, meaning it is too late to rectify the situation. Given the risk of significant problems, it is sensible to trust a legal professional who offers personalized, not cookie-cutter, service.
When you meet with a Carlsbad estate planning lawyer from our office, we take the time to listen closely to your unique situation and your future goals. With this information in hand, we can provide you with guidance to create a one-of-a-kind estate planning strategy that puts all of your goals within reach.
The insights offered by our Carlsbad estate planning law firm can help you achieve the following objectives:
For over a decade, New Mexico Financial & Estate Planning Attorneys has assisted individuals in Carlsbad and throughout the state with these essential estate planning tasks. Our number one goal is always to first understand what you want to happen. Then, we use the full extent of our knowledge and support to make it happen.
With client-centered service and a highly experienced New Mexico estate planning lawyer at your side, you can rest easy knowing that, no matter what situation comes up, you have plans in place to give your loved ones peace of mind.
One common mistake in estate planning is assuming a will isn’t needed simply because assets are limited. Based on this line of thinking, they may try to give away possessions to their children or loved ones just before they die or through informal promises.
Know that in New Mexico (and in every other state), there are laws that strictly control what happens to your property if you die without a will. State law (N.M. Stat. § 45-2-102) says that intestate estates (meaning those that don’t have a will) automatically go to the following people:
Note that the law prioritizes one of these groups, meaning your parents could inherit everything and leave nothing for siblings, cousins, nieces/nephews, or other family members. Just as important: everybody has to split everything equally, so there is no way to control who gets what. Often, the entire estate must be sold to make this happen.
You do have the option to give away property during your lifetime, but it’s possible that a relative or someone else with an interest in your property could say that you weren’t in your right mind when you made the decision. If you are terminally ill or struggling with a condition like dementia, it’s possible that the transfer could be reversed.
Because of the risk of intestacy, it is essential to, at the very least, create a basic will. The will can name a primary beneficiary for key assets, such as your house, bank accounts, and other significant financial holdings. It can also include a “residuary” clause, which is a clause that names someone who gets everything not explicitly mentioned in the will.
Through just a few simple provisions, you and your loved ones can have a more precise indication and much greater control over who inherits your estate.
Keep in mind that any will must be properly witnessed and executed. A Carlsbad estate planning attorney can help you go over all of the requirements and ensure that you have the proper documents set aside so that your loved ones can be taken care of once you pass.
An advance healthcare directive is a set of documents that gives your loved ones the information and legal powers they need in case you are rendered medically unconscious for an extended period. These instructions and legal powers enable them to fully manage your affairs and make decisions that align with your wishes.
A complete advance healthcare directive includes all of the following:
Trusts can be a handy tool in estate planning, even if you aren’t wealthy. One of the most significant advantages is that you can create a living trust, and any assets placed in the trust are likely to avoid probate. Instead, the property can be handled by your backup trustee, who can transfer it to your preferred beneficiaries as soon as possible.
Probate can tie up estates for months at a time. Not only that, but there can be costs involved, which would be deducted from the estate. Creditors will also have the chance to make claims on the estate for unpaid debts.
If you are interested in helping your loved ones handle your estate quickly while avoiding probate after your death, talk to an attorney from our experienced Carlsbad estate planning law firm. They can help you review your options for trust formation and determine the strategy that best suits your unique situation.
Below we have listed some of the questions we hear most often from our Carlsbad estate planning clients.
Per New Mexico law (NM Stat § 45-2-502), a will has to be in writing (meaning no oral or electronic wills). It also must be signed by you in the presence of two witnesses, who must then sign the will in your presence and the presence of each other.
Individual parts of the will must also comply with federal and state laws, so consult with a Carlsbad estate planning attorney to verify that everything you include is legally enforceable.
There are several ways to help certain pieces of property, or your entire estate, avoid probate:
Additionally, community property jointly owned by a spouse and other property with a “joint tenancy with rights of survivorship” title will always avoid probate.
Your will should include your preferences for a personal representative, who is also sometimes known as your “executor.” Your executor is responsible for managing your estate, including entering it into probate (if applicable), paying off all necessary expenses, and transferring property to your heirs.
If you do not name a personal representative, people who are close to you, including your spouse or children, have the opportunity to be appointed by the court. Another interested party can also petition the court to take on the role, including your creditors.
Because of the risk that someone you feel is unqualified could be appointed to represent your estate, it is preferable to list your choice(s) for personal representative in your will.
A pour-over will can pass the remaining parts of your estate to the trust after you die, although these assets have to go through probate first.
Estate planning can often be handled after just a few meetings, especially for simpler estates. It’s never too early to get your affairs in order, but it can sometimes be too late.
Make the call that can assure a solid future for your loved ones and peace of mind for yourself. Reach out to our Carlsbad estate planning law firm today at (505) 503-1637 or contact us online to schedule a confidential, no-obligation appointment to go over your options and start on your estate plan.
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