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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In estate planning, the use of trusts to manage the distribution of assets is becoming increasingly more common. However, for many people, the idea of setting up a trust during his or her lifetime is overwhelming and perhaps even unnecessary.
A competent elder law or estate attorney can discuss and use, where appropriate, such provisions as the family exemption, benefits to prepaying inheritance tax, even where the tax return is not yet complete and a listing of itemized deductions.
Trusts are often associated with the rich, but the uber-wealthy are not the only people who can benefit from using trusts. There is no minimum asset level or net worth required to set up a trust, and you can put any amount of money into a trust.
Seeking a guardianship for a loved one is a decision that shouldn’t be taken lightly. Here’s how the process works.
Non-probate assets are those assets which do not go into an estate when the owner dies.
Deborah Placet had no idea how to access her husband’s cryptocurrency and other digital accounts after his unexpected death at age 52.
Without a valid will, a person’s estate passes to their surviving heirs under intestate succession (i.e., ‘succession without a will’).
For young professionals finding their way in the world and just beginning the journey of building wealth, death can seem like a far-off abstraction. However, the cold reality is that no one ever knows what’s around the corner — health problems and freak accidents can happen at virtually any time.
Part of being a responsible homeowner is having a proper estate plan in place. After all, considering the home is generally the largest asset most people own, it’s prudent to ensure this asset is passed to the people you wish to leave it to.
If you really want to help your heirs out, these are some of the best assets to leave them.
