August is National Make-A-Will Month, a timely reminder to create or update your will. Whether you’re in Deming, NM, or elsewhere, having a will is crucial for ensuring your wishes are honored and your loved ones are protected. However, despite its importance, a staggering 68% of Americans still do not have a will, according to the 2024 Wills and Estate Planning Study by Caring.com. Let’s explore why this is the perfect time to address your estate planning needs and how creating a will or trust can provide peace of mind for you and your family.
Why You Need a Will or Trust
Procrastination is the most common reason people delay creating a will. However, waiting too long can have serious consequences. Without a will or trust, New Mexico state probate laws will dictate how your assets are distributed, which may not align with your wishes. Creating these legal documents empowers you to control how your assets are managed and who will take care of your affairs if you become incapacitated.
For residents of Deming, NM, estate planning isn’t just about distributing assets; it’s about ensuring that your family is protected and your legacy is secured. A will allows you to:
- Specify how your assets will be distributed: Ensure that your belongings go to the people or causes you care about most.
- Appoint guardians for minor children: If you have young children, a will lets you designate who will care for them if something happens to you.
- Make your healthcare wishes known: Through advanced healthcare directives, you can outline your preferences for medical treatment in case you’re unable to make decisions yourself.
- Provide for loved ones with special needs: You can create a trust to ensure that a family member with special needs is cared for without affecting their eligibility for government benefits.
The Importance of Planning Early
The need for estate planning is not limited to those with significant assets. In fact, younger adults, particularly in the 18-34 age group, have become increasingly aware of the importance of having a will, especially after the COVID-19 pandemic. Major life events, such as marriage, having children, or buying a home, often prompt people to start thinking about their estate plans. However, estate planning should not be postponed until these milestones are reached. Even if you’re single or have fewer assets, having a will and other estate planning documents in place can save your loved ones from unnecessary stress and confusion in the future.
How to Get Started with Wills & Trusts in Deming, NM
Starting your estate planning journey may seem overwhelming, but it doesn’t have to be. Here are some steps to help you begin:
- Inventory Your Assets: List all your assets, including real estate, bank accounts, investments, and personal belongings.
- Consider Your Wishes: Think about how you want your assets to be distributed and who you trust to manage your affairs.
- Consult with an Estate Planning Attorney: Working with an experienced wills and trusts attorney in Deming, NM, can help ensure that your documents are comprehensive and legally sound.
- Create Essential Documents: Draft your will, healthcare directives, and any trusts or powers of attorney you may need.
- Review and Update Regularly: Life changes, and so should your estate plan. Regularly review your documents to ensure they reflect your current wishes.
Wills and Trusts Help You Take Control of Your Future
National Make-A-Will Month is the perfect time to take control of your future by creating or updating your will. By addressing your estate planning needs now, you can ensure that your assets are distributed according to your wishes and that your loved ones are cared for in the way you intend.
If you’re in Deming, NM, and ready to start planning, request a discovery call with E-Law today. We can guide you through the process, ensuring that your will and trusts are tailored to your specific needs and circumstances. Don’t wait until it’s too late—take the first step toward securing your future and providing peace of mind for yourself and your family.
