Are you accepting new clients? Not at this time.
What is your Hourly Rate? $285/hour, estimates available. Credit cards accepted. All rates subject to NM gross receipts tax. For Details and Flat Rates, click here.
Do you offer Flat Rate Services? Yes. See Rates and more details.
What is included in an Individual Estate Planning Packet?
- Last Will and Testament
- Durable General Power of Attorney
- HIPAA Authorization
- Advance Health-Care Directive and Health Care Power of Attorney
- Living Will/Declaration Under the Uniform Health Care Decisions Act
- Appointment of Agent to Control Disposition of Remains
What is included in my Last Will and Testament?
- I don’t create one-size-fits-all standard simple Wills. I meet with you to tailor your Will to your specific situation and needs.
Provisions included in your Last Will and Testament: (unless you designate otherwise)
- Reference to an optional informal memorandum leaving specific items of sentimental value to specific persons. (I will give you a sample for such a memorandum.)
- No Contest Clause
- A Transfers to Minors Act provision in case any beneficiary is still under age.
- “Children” as used in the Will shall be defined as you choose, and not as the state of New Mexico dictates. For example, “children” may be defined to include any children born or adopted after the making of the Will, but not step-children.
- Broad powers for the Personal Representative (Executor) or Trustee. No bond to be required for the Personal Representative or Trustee. Independent Executor under the laws of New Mexico allows for the administration of the Will and Estate without Court supervision.
Optional provisions included at no extra cost:
- Guardianship Provisions
- Disinheritance Clause – Is there anyone you would specifically like to exclude from your estate?
- Testamentary Trusts
- Contingent Trusts – For example, are there any children underage that are named beneficiaries? If so, at what age, i.e., 18 or 25, would you like them to inherit?
- Charitable Bequests
- Pet Care Provisions
What is a Trust?
A property owner creates a trust when they transfer the legal title, ownership of the property, to the Trustee, who has a legal duty to hold and manage the property in the best interest of the beneficiary (or beneficiaries). The original property owner is usually the same person as the initial Trustee.
How is a Trust created?
The property owner (called the grantor or settlor) can write out the terms of the trust in a trust agreement or in a Will. The latter is called a testamentary trust, which is a trust that is created upon the death of the grantor (or testator). If you have minor children, I draft your Will to contain a testamentary trust in order to provide for your minor child.
When a trust is created during the lifetime of the grantor, it is called a living trust. Living trusts provide terms or rules for the management of property while the grantor is alive, and then provides for the distribution of assets after the grantor’s death.
What does a Trust cost?
The cost depends on the type of trust or the number of deeds, additional documents, and trusts involved. This is why I charge hourly for trusts, but I do give estimates.
Why you probably don’t need or want a Trust. Click this link to see my detailed post.
What are the advantages of Trusts?
Trusts allow for management and control over property for many years after death. A trust requires that property be controlled by the terms of the trust agreement.
If privacy is your primary concern, then a trust is the best option because a trust can keep your property out of probate and can keep family assets and values private.
A living trust may be appropriate if you have a blended family. Life gets complicated, and conflicts may arise after your death, and a trust may allow you to better balance the needs of your spouse and children from a prior relationship.
A trust may also simplify things for your family after your death if you own real estate in multiple states. Depending on the laws of the state where the real estate is located, a trust may be used to avoid an ancillary probate in other states.
A trust is also a good way to plan for a spouse’s incapacity. A trustee is legally obligated to spend the trust funds for the benefit of the beneficiary in accordance with the terms of the trust, and thus an incapacitated beneficiary may be better protected.
The truth about Trusts. Click this link to see my post debunking common trust myths.