Wills

You are probably familiar with the concept of a Will, which is used to designate how you would like your property distributed after your death.  


If you pass away without a Will in place, then state intestacy statutes are used to determine how your property will be inherited. 
  
In most instances, a Will is a good minimum to have in place.  It doesn't, however, save your loved ones from the probate process.  If property interests are not under a certain amount, probate will  generally be required, if assets are in your (the decedent's) name. 

Attention to how certain assets are titled and how they will be passed on may be enough for many New Mexican families, others will need the help of a Trust to have a solid Estate Plan.  Trusts also come with additional planning options and flexibility.