Estate planning is a lifelong process. When you’re young, you begin building your wealth to make certain you can successfully support your family. As you grow older, you begin to consider how to best utilize your assets to forward you legacy and ensure your family remains financially supported.
Even if you have strong ideas about how you want your property and assets handled, you must still consult with an estate planning attorney to guarantee your plan is sound. In Santa Fe, NM, Roybal-Mack & Cordova, PC provides dependable guidance to estate holders and their families.
There is no one-size-fits-all estate planning solution. In many cases, people must utilize several different tools to ensure their assets remain properly protected. Wills are the most common type of estate planning tool, which allows the asset owner to disperse items at their discretion to explicitly named beneficiaries.
Trusts are another option when it comes to managing your estate. Unlike wills, the assets placed into trusts will not need to be probated. Trusts can also be used to set up specific circumstances for providing assets. For example, you can create a trust for young children’s future college funds or set up a rule that monies can only be distributed after a person reaches a certain age or accomplishes a certain goal.
Of course, estate plans deal with more than just making decisions about how your assets will be distributed. They can also benefit you in a number of ways. Advanced directives spell out your wishes for end-of-life care, which are crucial in the event you’re incapacitated by illness or injury and rendered unable to communicate. Having your wishes explicitly stated also takes a huge burden off your family, as they would be tasked with making these decisions on their own otherwise.
Powers of attorney are also important from a financial perspective. Implementing a power of attorney allows another person to take over your financial affairs in the event you’re no longer able. This ensures your assets will remain protected even if you’re not capable of making important decisions on your own.
Our skilled estate planning attorneys assist families in New Mexico with the above tasks. We can also lend a hand in other estate planning matters, including:
Roybal-Mack & Cordova, PC is dedicated to meeting and exceeding client expectations when it comes to estate planning. We can help you build a plan from the ground up or review an existing will to ensure it continues to meet your needs. We can also offer guidance on tax issues related to estate planning, which allows your family to retain more of your hard-earned money.