Wills
A will is a foundational estate-planning document that records how you want your property to be handled after your death. It can identify the people or organizations you want to receive that property, nominate a personal representative to administer your estate, and express your preferences for the care of minor children.
A will does not necessarily control everything you own. Some property may pass outside the will through beneficiary designations, joint ownership, transfer-on-death arrangements, trusts, or other planning tools. A complete estate plan considers how these arrangements work together.
How Amanda can help
Amanda works with New Mexico individuals and families to prepare wills that reflect their circumstances and planning goals. Depending on your needs, that work may include:
- Discussing the people, property, and responsibilities that matter to you
- Identifying who you want to serve as personal representative
- Planning for the distribution of property governed by your will
- Discussing nominations for the care of minor children
- Coordinating the will with beneficiary designations and other estate-planning documents
- Guiding you through signing, which New Mexico requires to happen in person with two witnesses
The appropriate documents depend on your family, property, and goals. A will may be the central document in one estate plan, while another plan may also involve a trust, powers of attorney, advance healthcare directives, or other arrangements.
Related resources
The New Mexico estate-planning Resource library is being developed to provide more detailed explanations of these subjects.
Topics being developed for the Resource library include:
- What documents are included in a basic New Mexico estate plan?
- Do I need a trust, or is a will sufficient?
- What happens if I die without a will in New Mexico?
- How should I choose a personal representative or trustee?
- Estate-planning considerations for parents of minor children
- When should an estate plan be reviewed or updated?
Discussing your plan
If you would like to discuss preparing or updating a will as part of a New Mexico estate plan, contact Amanda.
General website information is educational only and is not a substitute for legal advice based on your individual circumstances.
Trusts
A trust is an arrangement in which a trustee manages property according to written instructions for the benefit of designated beneficiaries. In many estate plans, a revocable trust is used to manage selected property during the person’s lifetime and direct how that property should be handled after death.
A properly prepared and funded trust may provide continuity if the person creating the trust becomes unable to manage trust property. It may also allow property held in the trust to be administered without passing through the probate process.
A trust does not automatically control everything you own. Property generally must be transferred to the trust or otherwise coordinated with it. Beneficiary designations, ownership arrangements, and assets remaining outside the trust must also be considered.
When a trust may be worth discussing
A trust may be worth considering when you want to:
- Provide for continued management of property during incapacity
- Name a successor trustee to manage trust property
- Give instructions for distributing property after death
- Hold property for children or other beneficiaries over time
- Reduce the need for probate for property properly placed in the trust
- Coordinate the management of real estate or other significant assets
- Provide greater continuity and privacy in the administration of your plan
Whether a trust is appropriate depends on your property, family circumstances, and goals. For some people, a will-based plan may be sufficient. For others, a trust may provide useful additional structure.
How Amanda can help
Amanda works with New Mexico individuals and families to determine whether a trust fits their estate-planning goals. Depending on your needs, that work may include:
- Comparing a trust-based plan with a will-based plan
- Discussing the selection of an initial and successor trustee
- Preparing trust terms that reflect your intended beneficiaries and distributions
- Coordinating the trust with a will, powers of attorney, and advance healthcare directives
- Explaining the steps that may be needed to place appropriate property in the trust
- Reviewing beneficiary designations and ownership arrangements for consistency
- Updating an existing trust when family circumstances or planning goals change
Creating the trust document is only one part of the process. The trust must also be coordinated with the property and other documents that make up the estate plan.
Related resources
The New Mexico estate-planning Resource library is being developed to provide more detailed explanations of these subjects.
Related topics being developed for the Resource library include:
- What documents are included in a basic New Mexico estate plan?
- Do I need a trust, or is a will sufficient?
- How should I choose a personal representative or trustee?
- Estate-planning considerations for parents of minor children
- When should an estate plan be reviewed or updated?
- What information should I gather before meeting an estate-planning attorney?
Discussing your plan
If you would like to discuss whether a trust may be appropriate for your New Mexico estate plan, contact Amanda.
General website information is educational only and is not a substitute for legal advice based on your individual circumstances.
Powers of Attorney
A financial power of attorney allows you to name a trusted person—called your agent—to handle specified financial, property, or legal matters on your behalf. The document defines the agent’s authority and can include limits or instructions based on your circumstances.
A power of attorney can be useful if illness, injury, travel, or another circumstance makes it difficult for you to manage your affairs personally. Careful planning includes deciding who should act, when that authority should begin, what powers should be granted, and whether a successor agent should be named.
A financial power of attorney does not authorize your agent to make healthcare decisions. Healthcare wishes and decision-making authority are addressed separately through an advance healthcare directive or another appropriate healthcare document.
What a financial power of attorney may address
Depending on its terms, a financial power of attorney may authorize an agent to assist with matters such as:
- Banking and financial accounts
- Real estate and other property
- Insurance and annuities
- Taxes and government benefits
- Contracts and business interests
- Claims and legal matters
- Trust and estate-plan coordination
- Routine bills and financial obligations
Some types of authority require particular attention or express language. The document should grant only the powers appropriate for your needs and should clearly identify any authority you do not want your agent to have.
Choosing an agent
The person named as agent may receive substantial authority over your property and finances. An agent should be trustworthy, responsible, and willing to follow your instructions and act in your interests.
It may also be helpful to name one or more successor agents in case the first person is unable or unwilling to serve. The appropriate choice depends on your relationships, property, and the responsibilities the agent may need to handle.
How Amanda can help
Amanda works with New Mexico individuals and families to prepare financial powers of attorney as part of a coordinated estate plan. Depending on your needs, that work may include:
- Explaining the authority a power of attorney may provide
- Discussing the selection of an agent and successor agents
- Determining when the agent’s authority should become effective
- Identifying appropriate powers, limitations, and special instructions
- Addressing whether sensitive or unusually broad powers should be granted
- Coordinating the document with a will, trust, and beneficiary arrangements
- Guiding you through the signing and execution process
- Reviewing an existing power of attorney when circumstances change
A power of attorney is only one part of planning for incapacity. It should be considered together with healthcare documents and the rest of your estate plan.
Related resources
The New Mexico estate-planning Resource library is being developed to provide more detailed explanations of these subjects.
Related topics being developed for the Resource library include:
- What does a financial power of attorney do?
- What documents are included in a basic New Mexico estate plan?
- What is an advance healthcare directive?
- How should I choose a personal representative, trustee, or agent?
- When should an estate plan be reviewed or updated?
- What information should I gather before meeting an estate-planning attorney?
Discussing your plan
If you would like to discuss preparing or updating a financial power of attorney as part of your New Mexico estate plan, contact Amanda.
General website information is educational only and is not a substitute for legal advice based on your individual circumstances.
Advance Directives
An advance healthcare directive allows you to record healthcare instructions and name someone—called your healthcare agent—to make healthcare decisions for you when authorized to do so.
The directive gives you an opportunity to communicate your wishes before a serious illness, injury, or loss of decision-making capacity occurs. It can help your family, healthcare agent, and medical providers understand what matters to you when you cannot communicate or make a particular healthcare decision yourself.
An advance healthcare directive is different from a financial power of attorney. A healthcare directive addresses medical care and healthcare decision-making; a financial power of attorney addresses property, finances, and related legal matters.
What an advance healthcare directive may address
Depending on your wishes, an advance healthcare directive may:
- Name a healthcare agent and one or more alternate agents
- Describe when the agent may make healthcare decisions
- Provide instructions concerning life-sustaining treatment
- Express preferences about comfort care and relief from pain
- Communicate personal values that should guide difficult decisions
- Address other healthcare wishes that are important to you
- Identify people who should receive copies of the directive
- Coordinate with related healthcare and medical-information documents
A directive cannot anticipate every possible medical situation. Choosing an agent who understands your values and is willing to communicate with healthcare providers is an important part of the planning process.
Choosing a healthcare agent
A healthcare agent may be asked to make significant decisions during a stressful or uncertain time. The person you select should be someone you trust to follow your instructions, consider your known wishes and values, ask questions, and communicate with your healthcare providers and family.
It may also be helpful to name one or more alternate agents in case your first choice is unwilling, unable, or unavailable to act. You should talk with the people you select so they understand the responsibility and know where the directive can be found.
How Amanda can help
Amanda works with New Mexico individuals and families to prepare advance healthcare directives as part of a coordinated estate plan. Depending on your needs, that work may include:
- Explaining the legal role of an advance healthcare directive
- Discussing the selection of a healthcare agent and alternate agents
- Helping you identify instructions, preferences, and values to include
- Clarifying when your agent’s decision-making authority will apply
- Coordinating the directive with financial powers of attorney and other estate-planning documents
- Discussing related medical-information authorizations or healthcare documents
- Guiding you through the signing and execution process
- Reviewing an existing directive when your health, relationships, or wishes change
Preparing the document is only part of the process. Your healthcare agent, alternate agents, and appropriate healthcare providers should know that the directive exists and how to obtain a copy.
Related resources
The New Mexico estate-planning Resource library is being developed to provide more detailed explanations of these subjects.
Related topics being developed for the Resource library include:
- What is an advance healthcare directive?
- What documents are included in a basic New Mexico estate plan?
- What does a financial power of attorney do?
- How should I choose someone to make decisions for me?
- When should an estate plan be reviewed or updated?
- What information should I gather before meeting an estate-planning attorney?
Discussing your plan
If you would like to discuss preparing or updating an advance healthcare directive as part of your New Mexico estate plan, contact Amanda.
General website information is educational only and is not a substitute for legal advice or medical advice based on your individual circumstances.
