Counsel & Advice From Top New Mexico Estate Planning & Elder Law Attorney
Probate services refer to the legal services provided to individuals or families involved in the administration of a deceased person’s estate. These services typically involve the court-supervised process of distributing the deceased person’s assets and properties to their beneficiaries or heirs according to their will or state laws if there is no will. Probate services may include drafting and filing legal documents, representing clients in court, resolving disputes between beneficiaries, managing estate assets, and advising clients on tax implications and strategies for asset protection. The goal of probate services is to ensure that the estate is distributed in an orderly and fair manner while minimizing costs and maximizing the value of the estate for the beneficiaries. Probate services are often provided by lawyers, but may also be provided by other professionals such as estate planners or financial advisors.
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There are many stories of strange conditions in wills and trusts over time. For example, the German poet Heinrich ‘Henry’ Heine died in 1856 and left his estate to his wife, Matilda, on the condition that she remarry, so that ‘there will be at least one man to regret my death’.
If you have a mortgage, you might worry about what that means for your heirs and loved ones. Will they be able to keep your home, and who will be responsible for paying for it?
Usually when asked to be the executor of a family member’s estate, the person feels honored and trusted. It’s a big responsibility, since the executor will be carrying out a person’s final wishes.
Even those with the best of intentions can fall into the trap of estate planning misinformation. Estate planning attorneys frequently hear rumors and ill advice disguised as facts.
Sometimes people attempt to make an estate plan online without consulting legal and financial professionals to avoid the higher cost. However, everyone’s situation is unique, and using a boilerplate estate plan can lead to mistakes.
A will is a legal document that spells out the distribution of your assets and how your children will be cared for at your death. Probate is a process used to prove a decedent’s will is valid and to supervise the handling of their estate.
If you’ve had an IRA and a 401(k) for many years, you may occasionally ask yourself some questions: ‘Am I contributing enough?’ ‘Am I still funding these accounts with the right mix of investments for my goals and risk tolerance?
Perhaps one of the most difficult, and increasingly common, estate planning questions involves the inclusion or disinheritance of an estranged child.
A trustee is a fiduciary which, essentially, is a person that owes a legal, ethical and, perhaps, moral obligation to act in the interest of another.
Creating a trust as part of an estate plan can help protect assets and ensure your financial legacy is preserved. If you’re married, you may consider establishing a QTIP trust, which is short for qualified terminable interest property trust.
