#WILL ESTATE PLANNING CHECKLIST HOW TO#
#WILL ESTATE PLANNING CHECKLIST FULL#

While a Trust is a very useful estate planning tool, it is recommended that everyone create a Will to ensure that there is no room for interpretation when it comes time to handle the principal’s affairs after they die. A Last Will and Testament and a Revocable Living Trust share a few characteristics, but ultimately they are very different instruments. There are two (2) documents most commonly used for conveying one’s wishes regarding the distribution of one’s estate after death.

Benefits from governmental programs or civil or military service.

Estates, trust and other beneficial interests.

Banks and other financial institutions.

Signing Requirements – Must be acknowledged and signed by a notary public.

#WILL ESTATE PLANNING CHECKLIST FULL#

The financial agent is awarded power of attorney as soon as the document is signed, and the power of attorney remains in full effect regardless of the principal’s state of mental and physical health. The decision to appoint a financial agent stems from a person wanting to plan for their future, i.e., to prepare for an unexpected mental or physical disability.ĭurable (Financial) Power of Attorney – A Durable Power of Attorney appoints a financial agent to manage all (or a portion of) the principal’s assets, property, investments, and other financial matters pertaining to their estate. This is a very impactful document, and it should be executed with great care and consideration. Unlike a health care agent, a financial agent has the authority to act as the principal’s representative as soon as a Durable Power of Attorney is executed.

Ī financial agent is an individual designated to handle the principal’s property, assets, and other financial matters. Signing Requirements – None, although it is recommended that two (2) witnesses acknowledge and sign the document.Part 1 appoints a health care agent, while Part 2 conveys instructions regarding preferred treatments for potential afflictions and illnesses. An Advance Directive is comprised of two sections: Durable Power of Attorney for Health Care (Part 1) and a Living Will (Part 2). This familiarity will help the agent make health care decisions that would be in line with the principal’s wishes.Īdvance Health Care Directive – This legal instrument outlines a principal’s wishes regarding the health care and medical treatment they do and do not wish to receive in varying circumstances. A health care agent should be someone close to the principal, someone who knows and understands their values. The agent is obligated, by execution of an Advance Directive form, to act on behalf of the principal’s best interests. This designation only comes into effect when/if the principal is disabled or incapacitated in some way. We highly recommend hiring an attorney before beginning this process even the smallest of errors or missteps can have major consequences.Ī health care agent is an individual chosen by the principal to make medical decisions for them if they do not have the capacity to do so for themselves.

The following guide can assist a person in creating a functional and effective estate plan.

#WILL ESTATE PLANNING CHECKLIST HOW TO#

How to Create an Estate Plan in New Mexico (6 steps)

These estate planning tools cover medical decisions and health care (Advance Directive), financial decisions (Power of Attorney), estate distribution and family matters (Will), and general estate planning (Trust). The following documents will give the principal peace of mind knowing that all bases are covered in the event of an unfortunate accident or untimely death an Advance Directive, a Durable (Financial) Power of Attorney, a Last Will and Testament, and a Revocable Living Trust. An estate owner, or principal as they shall be hereinafter referred to, creating an estate plan will be thinking about what will happen to them, their family, and their estate if they die or become incapacitated or disabled. A New Mexico estate planning checklist is a form that lists all of the necessary steps to complete an estate plan.

Will estate planning checklist