Last week I had the privilege of meeting with members of the public to discuss estate planning issues. The meetings were held in Albuquerque and Rio Rancho, New Mexico and were organized as informational seminars. The seminars were designed to educate the attendees about fundamental estate planning concepts and strategies. Central to the seminars was a detailed explanation of the risks and costs associated with different types of estate planning tools. We focused particularly on the benefits of planning your estate using a revocable living trust rather than a will alone. Many people do not understand the power of a trust in distributing assets at death and dealing with incapacity, but those who attended the seminars were able to increase their understanding of these issues.
When most people think of estate planning, they think of having a will that distributes their assets on death. However, planning with a will alone not only guarantees you a trip to the probate court at your death-a will is only instructions for a judge to follow-it also does not address what happens if you become incapacitated. The generic solution to dealing with incapacity is another trip to the court to have a guardian and conservator appointed for you. This process is embarrassing, time consuming, expensive, and public. A solution to these problems is creating an estate plan using a revocable living trust which allows you to decide who will receive your assets at death (without going to court) but also allows you to determine who will manage your affairs if you become incapacitated (without going to court).
We plan to present similar seminars in the future at various locations in New Mexico and Arizona. If you are interested in attending a seminar, please contact our offices to make arrangements. If you are not available to attend a seminar, we would still like to meet with you to discuss your estate planning needs.
What the Attorneys of Morris Hall Can Do For You:
The attorneys at Morris Hall have 100's of years of combined experience ensuring that families' assets are protected from probate, unnecessary taxes, creditors, ex-spouses and Medicaid spend-down. The attorneys also help those in Arizona and New Mexico to apply for and receive Medicaid assistance and Veterans Benefits. Our Arizona offices are located in Phoenix, Mesa, Scottsdale, Tucson, Prescott, Flagstaff and Arrowhead. Our New Mexico offices are located in Albuquerque, Las Cruces and Santa Fe. Contact us today at 888.222.1328 to schedule an appointment!
This blog should be used for informational purposes only. It does not create an attorney-client relationship with any reader and should not be construed as legal advice. If you need legal advice, please contact an attorney in your community who can assess the specifics of your situation.