Estate planning is the process of organizing and managing your assets during your lifetime and deciding how they should be distributed after your death. It involves creating legal documents to ensure your wishes are followed and your loved ones are taken care of.

Creating an Estate Plan helps protect your assets, minimize taxes, and ensures your assets are distributed according to your wishes. It can also provide for the care of your dependents and help avoid disputes among your heirs.

Regardless if you have a Will or a Revocable Living Trust, you will need vital documents like a Durable Financial Power of Attorney, Advanced Health Care Directive, Personal Property Distribution Memo to properly cover periods of incapacity.

Probate is the legal process of validating a will, paying debts, and distributing assets after someone’s death. It involves court supervision and can be time-consuming and costly. Some assets can be passed outside of probate through beneficiary designations or trusts.

In New Mexico if you have more than $50,000 in assets and you have a will, your heirs are likely having to open probate upon your passing. You can avoid probate by creating a revocable living trust, designating beneficiaries on accounts and insurance policies, and using joint ownership with rights of survivorship for assets like real estate and bank accounts.

Without an estate plan, your assets may be distributed according to state laws (intestacy laws), which may not align with your wishes. This can lead to disputes among heirs and increased costs due to probate.

Yes, it’s important to review and update your estate plan periodically, especially after major life events such as marriage, divorce, births, deaths, changes in relationships or significant changes in your financial situation.