Albuquerque Estate Planning Lawyer
Helping Clients Set Their Affairs in Order
Thinking about creating an estate plan? Or wondering if you even need one? At The Lawyers O’Reilly PC, our Albuquerque estate planning attorney Brendan O’Reilly can help you set your affairs in order no matter how big or small your estate.
What Is Estate Planning & Who Is It For?
Why, estate planning is for everyone! Well, almost everyone. Anyone who owns assets can likely benefit from having an estate plan in place.
Oh, but we addressed those questions out of order, didn’t we? So, what exactly is estate planning?
An “estate” refers to an individual’s assets—their house, property, bank account, life insurance, vehicle, business, savings, investments, personal possessions, and all that jazz. Whether extravagant or modest, an estate is still an estate.
An “estate plan” then is exactly that. It details a plan for what should be done with your estate in the event you suffer a debilitating injury, severe illness, or death. It allows you the peace of mind of knowing your belongings and loved ones will be taken care of if—and when—something happens to you. Estate plans can also save your family the immense stress and conflict that can come with trying to divvy up your assets themselves after your passing.
Even though people tend to associate estate planning with wealth, retirement, and aging, it really is for everyone. We highly recommend at least consulting with an attorney about whether an estate plan is right for you before dismissing the idea completely. Fortunately, we offer free consultations!
Components of an Estate Plan
No two estate plans will look exactly the same. Each individual has their own values, familial roles, and varying amounts of wealth and possessions. The Lawyers O’Reilly PC will work closely with you to determine the estate plan that best fits you and your wishes.
Estate plans commonly include one or more of the following:
- Advance directives: These legal documents help establish your preferences for end of life care ahead of time. This way, if you end up hospitalized for, say, a coma, and can’t make decisions on your own regarding treatment, your advance directive will be consulted.
- Power of attorney: A power of attorney allows you to authorize another person to represent you or act on your behalf should you be indisposed (missing, for example). This can give someone the power to decide what to do concerning your private, business, or other legal affairs should you be unavailable to decide.
- Wills and trusts: Wills and trusts provide instructions for what to do with your estate after you pass. We have a whole page on this topic, so head there to learn more!
If you die without an estate plan, the court—and not your family—will decide what to do with your home, business, earnings, and other assets. This is called “intestate succession.”
Ready to Start Your Estate Plan? Want to leave it to your children? Call Brendan!
An estate plan ensures that your wishes are carried out the way you intended. It can provide peace of mind. It can allow you to give specific things to specific people at a specific time. Your estate plan is totally under your control and will be carried out on your behalf under New Mexico law—but only if you take to time to hire an attorney and build a legally binding estate plan.
If you already have an estate plan and wish to update it, we can help you with that as well. Remember, as your life evolves and changes, so should your estate plan.
You can’t predict the future, so don’t risk waiting to create an estate plan until you’re older, own more possessions, or are less busy. The sooner you take action to protect your family and your estate, the better.
Contact our firm today to book your free consultation. We’ll help you decide whether an estate plan is right for you!