Updating Your Wills and Trusts Agreements in New Mexico
It's important to update yours wills and trusts agreements in New Mexico regularly to ensure all of your assets are protected.
There are many tales of someone’s last wishes being ignored because they didn’t make changes to their will and trust official. It is important that your last wishes be honored, particularly when it comes to guardianship of children or assets. It is also important to note that having your will drafted is not enough – you must make those changes official.
You should review your wills and trusts agreements in New Mexico every 4-5 years to make sure everything is as it should be. Reviewing the documents might bring up changes that need to be made, even if you don’t think anything has changed. Meanwhile, there are some life events that require you to update your wills and trust agreements such as:
You get married or divorced.
Any time your marital status changes you should readdress your will and trust. Marriage complicates your assets and how they are distributed upon your death. Marital property acquired after the marriage also has different rules. Only an experienced estate planning attorney can ensure that your assets are protected and correctly assigned.
It is also common for people to rework their wills and trust agreement in New Mexico when divorcing so that the divorced spouse is no longer named as a beneficiary. You can also modify your will to include or exclude other family members.
You have a child.
You should always update your will and trust when you have or adopt a child. You need to secure their future in case anything ever happens to you. You will need to appoint a legal guardian in case both you and your spouse die unexpectedly. In addition, setting up trusts and naming executors is important for providing for their support if you pass on before they are adults.
There is a death in the family.
Any changes in your family or household should prompt a review of your wills and trust agreements in New Mexico. A death in the family can be overwhelming, and your will might be the last thing on your mind. But if the deceased has been named as a beneficiary, you may need to update those documents as soon as possible.
You buy a new house or move to a new state.
Whether you buy your home or rent, you may need to update your wills and trusts when you relocate to New Mexico. Probate laws vary from state to state, so it’s a good idea to hire a local New Mexico estate lawyer to review your will and trust to ensure they are in line with state laws.
You receive an inheritance.
If you receive a sizable inheritance, you may want to reconsider how your assets should be divided after your death. It may be time to add beneficiaries or to create a trust which can protect your existing beneficiaries from receiving too much too soon.
You want to protect someone’s future.
There are many situations in which you want to name someone as a beneficiary but don’t want them to have access to their inheritance in one lump sum. Instead of leaving family members out of the will altogether, you can adjust your will to include a trust that names them as beneficiary. This allows you to provide for them financially without fear that the money will only worsen their situation.
You want to change beneficiaries.
Many people change their wills and trusts agreements in New Mexico to remove or add beneficiaries. You don’t have to have a reason to change beneficiaries on your wills and trusts. You can name, or disinherit, anyone you choose. Regardless of the current situation, you should consult with an experienced estate planning attorney in New Mexico before disinheriting beneficiaries.
There has been a change in your health.
Deteriorating health is the number one reason people think about changing their wills and trusts. You shouldn’t put off these important tasks, but sometimes it takes a health crisis to get the ball rolling. It is important to make sure your power of attorney and health care directive are also up to date when you are facing health issues. Reviewing your existing wills and trusts agreements in New Mexico will also reduce stress and allow you to focus on getting better.
Our firm handles estate planning and representation in probate matters throughout the state of New Mexico. You can contact us at (575) 339-2100 and we’ll be happy to discuss your case.