Skilled Legal Guidance for Your Estate Plan
Planning for the future can be an anxious time for anyone, especially when they have a lot of property and assets at stake. After all, you have worked too hard all your life to have everything distributed randomly without any consideration of your preferences. Too often, federal and state policies will diminish your assets through large tax percentages that reduce everything you have built up over your lifetime. This deprives your loved ones of your family and friends from inheriting everything that could benefit them.
It is crucial to be proactive in determining your desires for the future by establishing a will or a trust in the state of New Mexico. However, this process can be extremely complicated and confusing without the help of our will and trust lawyer in Las Cruces. You can count on our firm at Advanced Legal Resolutions, LLC to help you settle your affairs.
Definition of a Will in the State of New Mexico
It is always important to think about the future. Since you will not be able to take your possessions and assets with you once you have passed, a will is designed to transfer your property to your family members, friends, colleagues, or even charitable groups. The written document of a will needs to be both signed as well as witnessed according to New Mexico law, and will detail what will happen to your estate once you have passed.
During your lifetime, a will is always revocable and able to be edited or amended, so long as there is formal proof. If you pass without making a will, your closest relatives will receive your property but there will be no detailed distribution method according to your wishes.
The primary role of a will is to:
- Organize how property will be given to your beneficiaries after death
- Establish a public record of your property distribution, resulting from the probate process
- State who will be the guardian for any minor children
Definition of a Trust in the State of New Mexico
A trust may seem similar to a will, but has some distinct characteristics. Just like a will, a trust is designed to transfer your assets and property to beneficiaries. The way that these items are transferred is through a grantor whom you have named. Also similar to a will, a trust can be either amended or revoked at any time that you desire within the extent of your lifetime. The distinction is that depending on what you put in your trust, there are sometimes acts which can still be put into effect while you are still alive (such as the inheritance of a business to one of your offspring). Trusts are also helpful in avoiding probate and cumbersome inheritance taxes.
Advocacy You Can Trust
We never know what change of circumstances life might present to us. That is why it is dangerous to wait too long or delay making decisions that could be key in helping our family and friends. Time is always of the essence, and you can rely on our will and trust attorney in Las Cruces to help you accomplish your goals in a proactive manner.