Too many people don’t think about a will during the prime of life. It is only as we become older that we tend to think about what will happen when we are gone. This is usually when someone hires a New Mexico attorney to draft a revocable living trust, thereby protecting assets and avoiding probate for your beneficiaries. But every adult, particularly every parent, should have a will.
A contingent trust under will in New Mexico can allow you to easily and economically plan for circumstances that may never come to pass. For example, if your children are minors, your will can provide that if they are still minors when you die, their shares of your estate will be held in trust for their benefit under the terms you specify. If your children are already adults when you die, the trust is not needed and therefore is never created.
Many starting families don’t have a lot of assets and may not yet need an extensive trust-based plan. Including a contingent trust in your will is one way to avoid leaving your assets directly to minors without creating a separate revocable trust just for that purpose.
Other Reasons for a Contingent Trust Under Will
Even if you don’t have children, you may have other beneficiaries who are minors or who may otherwise benefit from receiving their inheritance in trust under certain circumstances. These people could benefit from a contingent trust under will as well.
Not sure if you should have a contingent trust under will? Contact us today for more information or to schedule your consultation.