12Law Arrow 12Law Arrow  Easy Questions  
12Law Arrow 12Law Arrow Instant Legal Documents
 
 
FINANCIAL & MARITAL

Cohabitation Agreement coming soon!
Separation Agreement coming soon!
No-Fault Divorce coming soon!
Bankruptcy coming soon!
 
 

What is a Last Will and Testament in Grady, NM

What is a Last Will and Testament in Grady, NM

A Last Will and Testament is the first building block of a good estate plan. Estate planning is the process by which an individual or family arranges the transfer of assets in anticipation of death.

Option 1: Will-Based Estate Plan

All essential details of your Last Will and Testament will be outlined in the will-based estate plan. It will provide information including the person to be put in charge of settling your final affairs (the executor), the persons who will inherit your property (beneficiaries), and the provisions on how they will inherit it. Your last will and testament with a will-based estate plan will cover the following:

1. Who will serve as the personal representative/executor

2. What powers your personal representative/executor will have

3. Who will inherit your property

4. How and when your property will ultimately be transferred to your beneficiaries

5. Who will serve as guardian of your minor children until they become adults


Option 2: Trust-Based Estate Plan

In the trust-based estate plan a document called a revocable Living Trust will cover all the important points listed above in the will-based estate plan with one exception: the person in charge of settling your final affairs after you die is called an administrative or successor trustee instead of an executor. If you have a revocable living trust you will still need a Last Will and Testament so. Ideally, you will fund or move your assets into your trust before you die. If you fail to fund even one asset into your trust, then the last will and testament will be the necessary document that will "catch" the unfunded property and transfer it to your trust after you die. The last will and testament in this case will function as a pour over will that will cause the unfunded assets to "pour over" into your trust through a probate process.


A pour over will needs to cover:

1. Who will be in charge of your assets that were not funded into your trust as the personal representative/executor

2. What powers your personal representative/executor will have

3. Who will serve as guardian of your minor children until they become adults

4. What will happen in the absence of a Last Will and Testament?


In order for your property to go to the beneficiary of your choice after you are gone, a Last Will and Testament is recommended.


The absence of a will could result in the state providing a last will and testament on your behalf under the state's intestacy law. The laws of the state that your property is located in will prevail. This can get complicated if you own property in multiple states.

 
Personalize & Print a Free NM Last Will Create This Document
Page 1
Page 2
Page 3
Page 4
Page 5
Page 6
Page 7
Page 8
Page 9
Page 10
Related Legal Services near Grady, NM
Barthelemy Michael J
5101 Coors Blvd NW # G
Albuquerque, NM 87120
(505) 452-9937
General Practice Attorneys, Attorneys
Susan Boswell Paralegal
6708 Mayhill Ct NW
Albuquerque, NM 87120
(505) 839-9411
Paralegals
Gallegos Frank J
201 N Alameda St
Carlsbad, NM 88220
(575) 234-9199
Attorneys, General Practice Attorneys, Legal Service Plans
Slomenhaft & Cannata LLP
6309 Whiteman Dr NW
Albuquerque, NM 87120
(505) 890-9167
Attorneys
Atencio Law Office
3809 Atrisco Dr NW Ste B
Albuquerque, NM 87120
(505) 839-9111
Attorneys,  Family Law Attorneys,  Labor & Employment Law Attorneys,  Divorce Attorneys,  Estate Pla
Caplan Michael J
827 E Santa Fe Ave
Grants, NM 87020
(505) 287-8891
Attorneys, Legal Service Plans
James Sokolove
323 W Mermod St
Carlsbad, NM 88220
(575) 628-8363
General Practice Attorneys, Attorneys, Legal Service Plans
Prossnitz Eric R
2705 Rio Orilla Ln NW
Albuquerque, NM 87120
(505) 899-8314
General Practice Attorneys
A Accident Advice
4801 All Saints Rd NW
Albuquerque, NM 87120
(505) 454-8150
Legal Service Plans,  Accident & Property Damage Attorneys,  Personal Injury Law Attorneys,  Automob
De Leon Translation Services, LLC
2929 Coors Blvd NW Ste 310-D
Albuquerque, NM 87120
(505) 314-7016
Paralegals, Translators & Interpreters
Litigation Support Svc
4829 Los Serranos Ct NW
Albuquerque, NM 87120
(505) 301-6711
Paralegals
Zamzok Lawrence P
6001 Whiteman Dr NW
Albuquerque, NM 87120
(505) 898-6311
Attorneys, Legal Service Plans
Ellis Law Office
107 S Main St
Carlsbad, NM 88220
(575) 885-6077
General Practice Attorneys, Attorneys
Allen Mila L
901 W U S Highway 66
Grants, NM 87020
(505) 287-5679
Attorneys, Legal Service Plans
All Workplace Problems
4928 Wellsburg Ave NW
Albuquerque, NM 87120
(505) 903-5575
Social Security & Disability Law Attorneys, Attorneys, Labor & Employment Law Attorneys
Shine Richard S
3835 Oxbow Village Ln NW
Albuquerque, NM 87120
(505) 831-5402
Attorneys, Legal Service Plans
Griffith Harry G W
2929 Coors Blvd NW # 102G
Albuquerque, NM 87120
(505) 385-5102
Attorneys,  Bankruptcy Services,  Bankruptcy Law Attorneys,  Legal Service Plans
Fernandez Gary
216 W High St
Grants, NM 87020
(505) 287-4409
Attorneys, Legal Service Plans
Byers Matthew T
112 N Canyon St
Carlsbad, NM 88220
(575) 885-4171
Attorneys, Legal Service Plans
Gant Joseph E
211 W Mermod St
Carlsbad, NM 88220
(575) 887-3956
Attorneys, Legal Service Plans
Martin Dugan and Martin Law Firm
509 W Pierce St
Carlsbad, NM 88220
(575) 887-3528
Admiralty & Maritime Law Attorneys, Attorneys, Malpractice Law Attorneys
Diamond Jeffrey
323 W Mermod St
Carlsbad, NM 88220
(575) 885-3500
Attorneys, Social Security & Disability Law Attorneys, Labor & Employment Law Attorneys
Fisk John W
323 W Mermod St
Carlsbad, NM 88220
(575) 885-3500
Attorneys
Jeff Diamond Law Firm
323 W Mermod St
Carlsbad, NM 88220
(575) 885-3500
Attorneys, Social Security Services
12Law.com   |  NASHVILLE, TN USA   |  CONTACT US