Trust Preparation

There are many different components involved in creating a trust. Along with the legal document itself, your assets and property will also need to be placed into the trust to reap the benefits this estate planning tool offers. In New Mexico, Walk-In Wills helps clients create trusts that suit their unique situations.

We’ll also help you take the proper steps to prepare. The more prepared you are going into your meeting with a licensed attorney, the faster and more efficient the trust creation process will be.

Step 1: Catalogue Your Assets

Assets not included will be subject to probate, which means you miss out on the greatest benefit offered by trusts. A home, vehicle, personal belongings, jewelry, artwork, life insurance policies, retirement accounts, and stocks are all common examples of assets many people hold. Once your list is made, write down the estimated value of each item so you get a clear idea of your personal worth.

Step 2: Compile Necessary Documents

Once your comprehensive list is complete, the next step is to find documents related to assets. Property deeds, titles, life insurance paperwork, and other documents are crucial to the trust creation process. The trust must be funded with your assets, and this entails updating paperwork in many cases.

Step 3: Choose a Trustee

The trustee is the person responsible for managing the trust. If you’re creating a revocable trust, you’ll serve as the trustee until you die, at which point the successor trustee will take control. The trustee can be a friend, family member, or even a business or lawyer. Being a trustee is a massive responsibility, so you want to seriously consider your choice before making a final decision.

Step 4: Choose Beneficiaries

Beneficiaries are those who will receive your assets. You want to make sure trust documents and intangible assets, such as life insurance policies, have the same beneficiaries listed. If there are discrepancies, whatever is listed on the life insurance document will override the trust. Also, if you plan on not including a person in your trust, be sure to confer with an attorney about the best way to go about it or you may be subject to trust litigation.

Step 5: Consider a Pour-Over Will

In a perfect world, your trust will be fully funded after it’s created. However, it’s possible that you’ll acquire new assets during your lifetime, and if you fail to add these assets to your trust before you die, they’ll be subject to probate. A pour-over will is useful in this case. While assets will still be subject to probate with a pour-over will, they will then be included in a trust so they can be dispersed according to your wishes.

Estate Planning on Your Terms

The attorneys at Walk-In Wills can assist you preparing the necessary documents for creating a trust. During your free hour-long consultation, we’ll explain our process and help you choose the appropriate trust package, all of which feature affordable rates and flat fees.

We also go above and beyond to create a welcoming office environment to our clients, which alleviates the stress associated with estate planning. Call (505) 903-7000 to schedule a consultation with a licensed New Mexico attorney.

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