When planning for the final disposition of your estate in Taos, New Mexico, there are a few things you'll want to consider: who do you want to give your assets to, and under what conditions? Do you have any preference for how your funeral should be handled? Do you have any specific wishes concerning end-of-life care? These questions, and more, should all be taken into account.
Generally, the first thing a person thinks about when they think about estate planning is a will. A will dictates what happens to a person's property after they die. In general, you can leave your property to whomever you want, and attach almost any condition to such gifts. In the vast majority of estate plans, a will is the central component. It is rarely the only one, however.
A solid estate plan will also include instructions to your doctors about your preferences for end of life care, in case you become unable to express them. This is known as a "living will." It should also include instructions about funeral arrangements and organ donation.
Crucially, your plan should make arrangements for the care and custody of your children, if they are minors. However you should first discuss this matter with the person who you intend to take custody of your children in case something happens to you, to make sure they are willing and able to do so.
What Type of Estate Plan Do I Need in Taos, New Mexico?
The answer to this question depends largely on your goals and priorities, as well as your age, health, and the amount of assets you have.
Unmarried young adults generally don't think much about estate planning. In most cases, this is fine. Unless you are extremely sick or have an unusually large amount of assets, estate planning is not something to really worry about at this point in your life.
If you're not married in Taos, New Mexico, but have a life partner, estate planning is essential. If you want your partner to be treated as your spouse, your estate plan should make arrangements to give him or her power of attorney in the event that you become incapacitated. Additionally, your will should clearly name your partner as a beneficiary, if you want them to inherit any of your assets.
If you are elderly, and have a large amount of assets in Taos, New Mexico, estate planning may be more important at this stage of your life than any other. While estate planning deals with some morbid and unpleasant subjects (requiring us to confront the reality of our own mortality), it is crucial if you wish to live your life secure in the knowledge that your loved ones will be provided for to the extent that your assets allow.
Do I Need a Taos, New Mexico Estate Planning Attorney?
Because estate planning in Taos, New Mexico is not always simple, the assistance of a good attorney will almost certainly be useful, and worth the cost. This is doubly true because of how important the issues involved can be, and the fact that a relatively minor mistake can sometimes derail an entire estate plan.